20.05.201609:19 Forex Analysis & Reviews: Technical analysis of Gold for May 20, 2016

Long-term review

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Technical outlook and chart setups:

Gold has bounced off the fibonacci 0.618 support of the rally between $1,208.00 and $1,303.00 levels at $1,244.00/45.00 yesterday. The metal is seen to be trading at $1,253.00/54.00 levels for now, and it should be looking to continue the rally further towards fresh highs. Also please note that the metal has bounced off a trend line support as depicted here. Bulls are poised to remain in control till prices stay above $1,244.00 levels from here on. It is now recommended to remain long, with stop below $1,244.00 levels. Immediate support is seen at $1,237.00 levels, while resistance is at $1,290.00 levels respectively.

Trading recommendations:

Remain long now, stop at $1,243.00, target is open.

Good luck!

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