Technical analysis of Gold for July 29, 2015

Technical outlook and chart setups:

The yellow metal remains unchanged from yesterday, and is trading around the levels of $1,090.00/93.00 at the moment. Please note that the trade direction remains “sell on rallies” now. Note that $1,132.00 is fibonacci 0.618 resistance fo a drop between $1,167.00 and $1,075.00. It is therefore recommended to initiate short positions around the levels of $1,130.00/32.00. Immediate support is seen at $1,075.00 (interim) followed by $1,052.00, $1,030.00, and lower while resistance is seen at $1,130.00/32.00 (fibonacci) followed by $1,175.00 and higher respectively. Bears would remain in control until prices stay broadly below $1,175.00.

Trading recommendations:

Flat for now. Look to sell rallies through $1,130.00/32.00.

Good luck!

The material has been provided by InstaForex Company –