Technical analysis of Gold for July 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The yellow metal took out stops at the $1,143.00 levels yesterday and is pushing lower below the $1,140.00 levels at the moment. Once a rally materializes through initial resistance at the $1,167.00/70.00 levels, it would confirm that a meaningful bottom has been formed. Until then, the metal remains a candidate to be sold on rallies. It is recommended to remain flat for now and await a break below the $1,130.00 levels to commit short positions for now. Immediate support is seen at $1,130.00 levels followed by $1,081.00 and lower, while resistance is seen at $1,175.00/80.00 levels and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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