FX.co ★ Technical analysis of Gold for October 08, 2014

 Technical outlook and chart setups:

Gold is holding gains at $1,214.00 levels for now. Please note that the metal is still in the sell zone of resistance line and that it needs to break past at least above $1,225.00/30.00 levels to confirm that bulls are to remain in control. Immediate support is at $1,180.00/83.00, while resistance is at $1,225.00/30.00, $1,240.00 and higher respectively. It is recommended to remain long from yesterday and also look to add further on dips, risk remains at $1,180.00. Bulls are expected to remain in control till prices stay above $1,180.00. On the flip side, a break below would be seeing a bearish move into $1,050.00 levels.

Trading recommendations:

Remain long for now, stop below $1,180.00, target is open.

Good luck!