FX.co ★ Technical analysis of Gold for April 29, 2014

 Technical outlook and chart setups:

1. Gold is reacting at trend line resistance for now as expected around the $1,300.00/04.00 levels. A break above the trend line and subsequently $1,330.00 is required to confirm that the metal has turned bullish. Recommendations for now is to remain flat and await further evidence.

2. Support is at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, $1,388.00 and higher respectively.

3. The structure indicated that Gold needs to complete 2 steps to turn bullish for now. Break $1,330.00 and drop back towards the line of resistance.

Trading recommendations:

Remain flat for now.

Good luck!