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Technical analysis of Gold for May 19, 2015

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Technical outlook and chart setups:

Gold had risen to $1,230.00/31.00 yesterday before it pulled back lower and took stops out at $1,230.50. A pullback is expected towards at least $1,208.00 and the levels of $1,193.00/94.00 (which is also fibonacci 0.618 support of the rally between $1,168.00 and $1,230.00) would be optimum levels to initiate long positions again. It is recommended to remain flat for now and wait for further confirmation to go short. Immediate support is seen at $1,210.00 followed by $1,190.00, $1,180.00, and lower while resistance is seen at $1,235.00/40 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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