FX.co ★ Technical analysis of Gold for May 26, 2014

Technical outlook and chart setups:

1. Gold is still trading within the consolidation range between $1,285.00/90.00 and $1,301.00/05.00 respectively. After bouncing off the lower boundary at $1,286.00 levels on Friday, the metal is trading above $1,291.00 at the moment. Minimum implications from here is towards $1,305.00/10.00 levels.

2. Support is seen at $1,280.00, followed by $1,270.00 and lower, while resistance is seen at $1,310.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.

3. The structure indicates that Gold is expected to rally from here towards at least $1,305.00/10.00 if not higher.

Trading recommendations:

Remain long, stop at $1,280.00, target is open OR Remain flat.

Good luck!