FxWirePro

Gold technicals and trade set-up

FX:XAUUSD   Gold / U.S. Dollar
260 0 5
Technical Inference:

Broken rising wedge base on daily chart at around 1240 levels.

Currently, experiencing resistance between 1245-1250 range.

Daily RSI has been converging downwards with every dips ever since it has dropped from top-line of wedge formation.

Although, the current prices have jumped today, it has still remained below 21DMA.

On a broader perspective, the precious metal hasn't been able to hold to 13-months highs (1284.41) (see monthly charts).

After the trend has seen more than 61.8% retracement , it is now rejected below 50% fibo retracements and tight resistance at 1286.

However, it has shown a considerable jump from last 2-3 months that has taken the current prices above 7 & 21EMAs along with the convergence shown by leading oscillators and MACD has triggered off bullish environment, which means even though the prices were seeing little skepticism at 1286 zones (50% fibo) the major trend is most likely to encompass medium term uptrend with short term obstacles.

We hope that you understand it would be unfair to expect a steep recovery in long lasting bear trend that we've seen since October 2012.

To conclude, the short term trend seems little struggling, the prices can take off if it breaches hurdles of 1250 and 1284 levels.

Trade tips:

Intraday speculators can eye on boundary binaries keeping $1245 as upper bracket and $1225 as lower bracket.

In a medium term perspective, one can also eye on long positions in the gold's mid month futures for an unlimited returns that could be entered by the futures speculator to profit from a rise in the price of the underlying precious metal.

Gold             for June delivery on the Comex division of the NYME shed $3.90, or 0.32%, to trade at $1,233.60 a troy ounce by 12:33GMT, or 8:33AM ET.
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