FX.co ★ Technical analysis of Gold for May 01, 2014

Technical outlook and chart setups:

1. Gold is trading lower around $1,289.00/90.00 levels after bouncing off the resistance line from $1,300.00/04.00 levels for now. The metal should see support coming in at $1,280.00/82.00 at the moment. However, a break of $1,270.00 would drag prices through $1,230.00/40 levels at least. Recommendations are to remain flat for now.

2. Interim support comes in at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold needs to break above $1,330.00 to confirm that bulls are here to stay. Dips could be bought there after.

Trading recommendations:

Remain flat OR aggressive setup is to remain 50% long, risk remains at $1,270.00.

Good luck!