FX.co ★ Technical analysis of Gold for July 02, 2014

Technical outlook and chart setups:

1. Gold takes out immediate resistance around the $1,331.00 levels as seen here. We expect the metal to pull back from current levels towards $1,275.00/80.00 levels. A break below $1,270.00 would be the reason for bulls' worrying. Remain short for now; the risk remains around $1,340.00 levels.

2. Support is seen at $1,260.00 levels, followed by $1,240.00, $1,230, $1,210 while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher up respectively.

3. The structure indicates that Gold needs to at least to pull back into the $1,280.00 region before resuming.

Trading recommendations:

Remain short, stop at $1,340.00, target is open.

Good luck!