Technical outlook and chart setups:
1. Gold is expected to reverse from around $1,328.00 levels and continue correcting till around $1,286.00 levels as seen here. The metal could continue its rally from lower levels, as depicted here. Recommendations are to remain short for now, risk remains around $1,335.00/40.00.
2. Support is seen at $1,260.00, followed by $1,240.00/30 and lower while resistance is seen at $1,332.00, followed by $1,350.00/60.00 and higher respectively.
3. The structure indicates that currently Gold is to be bought on dips.
Trading recommendations:
1. Aggressive setup is to remain short, stop at $1,340.00, target $1,285.00
2. Conservative setup is to buy lower from $1,285.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of Gold for July 08, 2014 . Thanks for your support on Technical analysis of Gold for July 08, 2014
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