empty
 
 
20.07.2015 04:39 PM
Technical analysis of Gold for July 20, 2015

This image is no longer relevant

Technical outlook and chart setups:

Gold is trading around $1,106.00 now after having reached fresh lows at $1,087.00 today. The metal looks to get finally on its way towards at least $1,030.00/30.00, which acted as resistance on the monthly chart. Please note that the above level was 2008 high/resistance, which would now act as support if prices manage to reach them. It is recommended to remain flat for now and look for an opportunity to sell on a rally through the levels of $1,130.00/40.00. Bears are expected to remain in control until prices stay below $1,230.00. Immediate support is seen at $1,050.00 while resistance is seen at $1,230.00 respectively.

Trading recommendations:

Remain flat for now, look to sell higher towards $1,130.00/40.00.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback