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Technical analysis of Gold for June 26, 2015

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Technical outlook and chart setups:

Gold is trading around $1,174.00 now. Ir calls for a push above at least $1,180.00 to confirm that a meaningful low is in place at $1,170.00. The metal has taken support of fibonacci 0.786 level of the rally between $1,160.00 and $1,205.00 respectively and there is still a high probability of bullish reversal. It is recommended to hold long positions with risk at $1,150.00. Immediate support is seen at $1,170.00 followed by $1,160.00, $1,143.00, and lower, while resistance is seen at $1,180.00 (interim) followed by $1,205.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,150.00, a target is open.

Good luck!

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