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Technical analysis of Gold for June 05, 2015

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Technical outlook and chart setups:

Gold dropped lower towards $1,172.00 levels yesterday but remained shy of $1,168.00, which was the past support. The metal is seen to be trading around the level of $1,177.00 at the moment, preparing to rally higher again. Please also note that the metal has bounced off the fibonacci 0.618 support between $1,143.00 and $1,230.00 respectively. It is hence recommended to remain long for now and look to add further positions with risk at $1,160.00. Immediate support is seen at the level of $1,168.00 followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,204.00 followed by $1,215.00, $1,230.00, $1,240.00, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,160.00, a target is open.

Good luck!

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