Technical Analysis of Gold for April 29, 2016
Technical outlook and chart setups:
Gold has pushed higher beyond $1,275.00 levels, taking out stops for now. The yellow metal has hit $1,280.00 levels today and is now trading at $1,274.00/75.00 levels. Still, $1,283.00 levels remain critical for bulls to take out and confirm that the next major leg is on the north side. Please note that the yellow metal could produce a surprise move south from here till prices stay below $1,283.00 levels going forward. Even while writing this update, gold has dropped to $1,272.00 levels and could go even further. It is still recommended to remain short, with risk at $1,284.00/85.00 levels. Immediate resistance is seen at $1,283.00 levels, while support is at $1,237.00 levels respectively.
Remain short now, stop above $1,283.00, target is open.
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