InstaForex - Analytics

InstaForex

696.00 6.50/10
61% of positive reviews
Real

Technical analysis of Gold for May 19, 2015


Show full picture

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!





To leave a comment you must or Join us


By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree