FX.co ★ Technical analysis of GOLD for July 17, 2014

The yellow metal holds support at 50 DSma at $1,291.40 levels and trading above it. The pair has resistance at $1,311-$1,3$1,3.50. For the short term basis, if the metal closes below $1,291, it can extend its fall up to $1,286, $1,284 and $1,280 levels. On the north side, it has resistance at $1,302.50 (30 DSma), above this, $1,311 (200DEma) and $1,3$1,3.50 will act as a major resistance level.

Supports $1,291, $1,286.

Resistance $1,303.50, $1,305.

For an intraday basis, the metal is slowly moving up towards the initial resistance level at $1,303.50 35HDema above this it can fly up to $1,307.75 (21HSma), $1,311, $1,313.40, and $1,317.50. Until the pair trades below $1,317.50 (34HSma), bears have an upper hand. The hourly RSI is indicating an oversold levels.