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    Technical analysis of Gold for October 02, 2015


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    Technical outlook and chart setups:

    Gold has dropped to the $1,105.00 levels today before bouncing back. Please note that the metal has tested an interim trend-line support and bounced higher. The metal started producing a bullish morning star candlestick pattern on the H4 chart . It is still recommended to hold long positions from the $1,120.00 levels with risk around the $1,100.00 levels. Immediate support is seen at the $1,100.00 levels followed by $1,090.00, $1,075.00 and lower, while resistance is seen at the $1,155.00 levels (interim) followed by $1,170.00 and higher.

    Trading recommendations:

    Remain long for now, stop is at $1,095.00, target is open.

    Good luck!


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