FX.co ★ Technical analysis of Gold for May 23, 2014

 Technical outlook and chart setups:

1. Gold is still trading in a tighter cone consolidation as seen here. The upper and lower boundaries remain as $1,300.00/05.00 and $1,285.00/90.00 for now. A break out is imminent as each session passes by. Recommendations are to remain long, risk remains below $1,280.00 levels. 

2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00 and lower while resistance is at $1,305.00/10.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.

3. The structure indicates that Gold is nearing breakout with each day passing. A break above $1,305.00 would bring back bulls in picture, while a break below $1,280.00 shall prove to be bearish.

Trading recommendations:

Remain long, stop below $1,280.00, target is open.

Good luck!