FX.co ★ Technical analysis of Gold for June 26, 2014

 Technical outlook and chart setups:

1. Gold is trading in the buy zone of resistance line, just ahead of $1,330.00 resistance. Please also note that $1,330.00 is the fibonacci 0.618 of the dip from $1,388.00 to $1,240.00. A bearish reaction there could bring back bears into action.

2. Support is around $1,260.00, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold could react around $1,330.00 levels today. A bearish signal there should be sold.

Trading recommendations:

Initiate short positions around $1,330.00 levels, stop at $1,340.00, target is open.

Good luck!