FX.co ★ Technical analysis of Gold for Aug 22, 2014

Technical outlook and chart setups:

1. Gold might have formed base at the $1,271.00 levels yesterday, as seen here. A bullish reversal candlestick signal would confirm the same here. The metal could continue forming higher highs and higher lows till prices remain above $1,260.00 and subsequently $1,240.00.

2. Support is seen at $1,260.00, followed by $1,240.00 and lower while resistance is seen at $1,324.00, followed by $1,340.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold could possibly turn bullish from the current levels.

Trading recommendations:

Remain long, stop at $1,270.00, target is open.

Good luck!