Technical analysis of Gold for July 31, 2015

Technical outlook and chart setups:

Gold is trading around $1,084.00/85.00 now trying to move higher towards $1,130.00/32.00 before resuming its down trend. The metal remains bearish and it is expected to move lower towards at least $1,030.00 if not lower, but a relief rally can be expected before the next bear leg. It is hence recommended to remain long with risk at $1,070.00. Immediate support is seen at $1.075.00 followed by $1,052.00, $1,030.00, and lower, while resistance is seen at $1,130.00/32.00 (fibonacci), $1,175.00, and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,070.00, a target is at $1,130.00.

Good luck!

The material has been provided by InstaForex Company –