Gold Technical Analysis for July 25, 2016.

Technical outlook and chart setups:

Gold is seen to be trading at
$1,317.00/18.00 levels at this moment, after having hit lows at $1,313.00
during early trading hours today. Please note that the metal might still unfold
a countertrend rally towards $1,350.00/60.00 levels going forward. The wave
structure also indicates that the drop from $1,375.00 through $1,310.00 levels
is an impulse (5 waves), and hence a countertrend rally is most probable to
unfold. Bulls would want to remain in control till prices stay above $1,310.00
levels. Please also note that the metal might drop to
$1,305.00/07.00 levels before reversing. It is hence recommended to remain long
(aggressive trade setup) for now with risk below $1,310.00 levels. Immediate
support is seen at $1,313.00 levels, while resistance is at $1,334.00 levels

Trading recommendations:

Aggressive traders would want to
remain long, stop below $1,310.00, targeting $1,350.00.

Good luck!

The material has been provided by InstaForex Company –