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Gold still not completely out of consolidation. 1,415.00 needs to break

Posted at May 30, 2013 Categories : Forex Analysis |

Technical outlook and chart setups:

The metal seems to be still in consolidation, though attempting to break out yesterday and today till now. We need to see a clear break above 1,415.00 level for a confirmation which remains absent for now. It is recommended to book profits on long positions taken yesterday at current price, 1,397/98 and remain flat for a while. There is a possibility that the metal falls back to the support range at 1,340/50. Immediate resistance remains fixed at 1,415.00, followed by 1,450/60; while support is seen at 1,375.00, 1,350.00 and 1,340.00 respectively. Flat for now, looking to buy lower again. Gold would be an aggressive buy above 1,415.00 level.

Trading recommendations:

Book profits on longs taken yesterday. Flat for now.

Good luck!

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