22.09.201513:50 Forex Analysis & Reviews: Technical analysis of Gold for September 22, 2015

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Technical outlook and chart setups:

Gold has dropped to the $1,125.00 levels today, as expected, before pulling back higher. The metal seems to be falling in a corrective manner and could push towards the $1,150.00 resistance soon. Bulls are expected to remain in control until prices stay above the $1,100.00 levels. It is hence recommended to remain long as suggested from the $1,125.00 levels with risk at $1,100.00. Immediate support is seen at the $1,115.00 levels followed by $1,100.00, $1,090.00 and lower, while resistance is seen at the $1,150.00 levels followed by $1,170.00 and higher, respectively.

Trading recommendations:

Remain long from the $1,125.00 levels, stop is at $1,100.00, target is open.

Good luck!

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