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    Technical analysis of Gold for May 03, 2016 2016-05-03

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    Technical outlook and chart setups:

    Gold is seen to be trading at $1,292.00 levels at the moment, after hitting fresh highs at $1,303.00/04.00 levels yesterday. The yellow metal is expected to face resistance at $1,295.00/96.00 levels during intraday rallies. Please note that Gold prices can push higher through $1,307.00/10.00 levels to take out major weekly resistance before reversing lower. It is hence recommended to take 50% short positions around $1,295.00/96.00 levels and the remaining around $1,307.00/10.00 levels with risk at $1,320.00. Immediate resistance is at $1,295.00/96.00 levels, while support is seen at $1,287.00 levels respectively.

    Trading recommendations:

    Stay 50% short at $1,295.00/96.00 and the remaining at $1,307.00/10.00 levels, stop at $1,320.00 levels, target is open.

    Good luck!

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