empty
 
 
16.05.2016 08:26 AM
Technical analysis of Gold for May 16, 2016

This image is no longer relevant

Technical outlook and chart setups:

Gold is seen to be trading higher for the day at $1,278.00 levels at this moment and is soon approaching a resistance zone around $1,280.00/82.00 levels. A push above $1,282.00 levels would open doors for a test of $1,295.00 levels at least. Please note that probability still remains for a test/push above $1,303.00 levels before turning lower again. On the flip side, a clear break below the trendline support would indicate that a meaningful top is in place and that the yellow metal is set for a deeper correction. It is hence recommended to remain short from here, with risk above $1,295.00 levels. Immediate resistance is seen at $1,295.00 levels, while support is seen through $1,256.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $1,297.00, target is open.

Good luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback