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22.07.2014 05:29 AM
Technical analysis of Gold for July 22, 2014
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Technical outlook and chart setups:

1. Gold is holding the $1,300.00 levels well for now. The metal has returned from the fibonacci 0.618 levels from $1,325.00 but possibility still remains that $1,334.00 level is tested before correction.

2. Support is seen at $1,290.00/80.00 levels, followed by $1,260.00, $1,240.00, $1,230.00 and lower while resistance is seen at $1,334.00/40.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold is may still test $1,334.00 levels before a meaningful correction could occur.

Trading recommendations:

Remain flat for now. 

Good luck!


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