Technical outlook and chart setups:
1. Gold has pulled back sharply towards intermediate support levels around the $1,295.00 levels yesterday. It looks like there is still upside left before the metal could fall back towards the $1,280.00 support levels. Recommendations are to initiate long positions, risk remains at $1,293.00.
2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00/30 and lower while resistance is seen around $1,330.00/40, followed by $1,350.00/60.00 and higher up respectively.
3. The structure indicates that Gold could possibly rally into the $1,323.00/27.00 region before pulling back.
Trading recommendations:
Initiate longs, stop at $1,293.50, target $1,323.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of Gold for July 30, 2014 . Thanks for your support on Technical analysis of Gold for July 30, 2014
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