FX.co ★ Technical analysis of Gold for May 16, 2014

 Technical outlook and chart setups:

1. Gold hits the line of resistance within the cone consolidation around $1,305.00 levels and falls back sharply towards $1,294.00/95.00 levels as expected. The metal is still trading at range lows and $1,280.00 could be bought, if prices reach there and bounce off. Recommendation for now is to remain flat.

2. Support is at $1,280.00/70, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is 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 out of the cone consolidation to confirm next larger direction. 

Trading recommendations:

Remain flat for now.

Good luck!