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16.06.2014 10:29 AM
Technical analysis of Gold for June 16, 2014

Technical outlook and chart setups:

1. Gold has rallied through the resistance region of $1,278.00/$1,280.00 as expected and as seen here. Please note that the fibonacci 0.681 resistance is passing through $1,278.00/79.00 and the past resistance turned support is also around the same $1,279.00 levels as seen here.

2. Support is seen at $1,245.00, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,300.00, followed by $1,310/15, $1,330.00 and higher up respectively.

3. The structure indicates that Gold should remain in control of bears till $1,300.00 levels remain intact. A bearish reversal could be expected around current levels.

Trading recommendations:

Remain flat for now. Look to sell on a bearish reversal here.

Good luck!

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