11.09.201513:50 Forex Analysis & Reviews: Technical analysis of Gold for September 11, 2015

Long-term review

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Technical outlook and chart setups:

Gold is still trading around the fibonacci support 0.618 (of the rally between $1,075.00 and $1,170.00 levels) at $1,105.00 now. There is no doubt that the metal will remain bearish after having reversed from $1,170.00 earlier, but a bullish reversal at the current level could push the metal through at least $1,200.00. It is hence recommended to remain long from yesterday, with risk at $1,090.00. Immediate support is seen at the level of $1,090.00 followed by $1,080.00, $1,075.00, and lower, while resistance is seen at $1,170.00 followed by $1,200.00 and higher.

Trading recommendations:

Remain long for now with stop at $1,090.00, a target is open.

Good luck!

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