Technical outlook and chart setups:
Gold continues its sideways movement between the levels of $1,080.00 and $1,095.00. A relief rally can be expected tpo take place any time until prices stay above $1,070.00. Please note that the metal is facing resistance going through its 50-day moving average, but a push higher would confirm that an intermediary low has been formed at $1,075.00. It is recommended to remain long for now, 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 $1,105.00 (range resistance), followed by $1,130.00/32 (fibonacci), $1,175.00, and higher.
Trading recommendations:
Remain long for now, stop is at $1,070.00 levels, a target is open.
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 05, 2015 . Thanks for your support.
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