FX.co ★ Technical analysis of Gold for Sep 02, 2014

Technical outlook and chart setups:

1. Gold is correcting at the moment and support should come in around current levels of $1,283.00 and ahead of $1,271.00. The next leg is expected to be higher towards $1,325.00 and up. It is recommended to remain long, risk remains below $1,270.00.

2. Support is seen at $1,280.00, followed by $1,271.00, $1,260 and below while resistance is seen at $1,325.00, followed by $1,240.00 and higher respectively.

3. The structure indicates that Gold remains constructive till prices remain above $1,271.00 levels.

Trading recommendations:

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

Good luck!