empty
 
 
16.04.2014 11:47 AM
Technical analysis of Gold for April 16, 2014.

This image is no longer relevant

Technical outlook and chart setups:

1. Gold pulls back sharply from $1,330.00 levels as expected and towards $1,290.00/$1,300.00 levels as seen here. The bullish bounce indicates that long positions can be taken at current levels ($1301.00/03.00), risk remains at $1,277.00. Bulls shall remain in control till prices remain above $1,277.00.

2. Support is seen at $1,277.00 (intermediary), followed by $1,230.00/40, $1,210.00 and lower respectively, while resistance is seen at $1,350.00/60.00 levels ], followed by $1,388.00 respectively.

3. The structure indicated that Gold remains buy on dips till prices remain above $1,277.00 for now. The counter trend rally that began from $1,277.00 should resume towards $1,350.00/60.00.

Trading recommendations:

Remain long/initiate longs, stop is at $1,277.00, target is open.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback