FX.co ★ Technical analysis of Gold for July 07, 2014

Technical outlook and chart setups:

1. Gold is finally seen to be reversing after printing highs at $1,330.00 levels last week. The downfall should accelerate towards at least $1,290.00/80.00 levels if not lower. Recommendations are to remain short for now.

2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00, $1,230.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold is headed lower for now before reversing.

Trading recommendations:

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

Good luck!