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    Technical analysis of Gold for April 16, 2015

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    Technical outlook and chart setups:

    Gold seems to have formed a base around $1,182.00/83.00 for now. The metal is preparing to rally beyond $1,240.00/50.00. It is recommended to remain long for now, with risk at the level of $1,170.00 . Immediate support is seen at $1,180.00 followed by $1,170.00, $1,162.00, $1,140.00, and lower, while resistance is seen at $1,240.00/50.00 followed by $1,280.00/85.00 and higher respectively. Bulls remain poised to push prices higher until it remains above the level of $1,170.00.

    Trading recommendations:

    Remain long, stop at $1,170.00, a target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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