Technical analysis of Gold for July 13, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around $1,162.00/63.00 at the moment stalling at the resistance trendline as seen here on the H4 chart. Please note that bulls need to push the price higher and take out initial resistance at $1,175.00 at least to regain control. The yellow metal has formed a potential double bottom around $1,45.00, but a break higher towards the levels of $1,175.00/80.00 would confirm the bullish setup. It is hence recommended to remain flat now and await for further confirmation. Immediate support is seen at $1,145.00/46, followed by $1,143.00 and lower while resistance seen at $1,175.00 followed by $1,185.00/87.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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