Technical outlook and chart setups:
Gold continues to trade sideways within $1,080.00 and $1,095.00 levels respectively as depicted here. The metal is testing its 50-day moving average as well. A break higher could trigger the awaited relief rally towards the $1,130.00/32.00 levels. It is recommended to remain long for now with risk at the $1,070.00 levels. Immediate support is seen at the $1,075.00 levels followed by $1052.00, $1,030.00, and lower, while resistance is seen at $1,105.00 followed by the $1,130.00/32.00 levels and higher respectively.
Trading recommendations:
Remain long for now; stop is at $1,070.00; target is $1,130.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for August 06, 2015 . Thanks for your support.
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