FX.co ★ Technical analysis of Gold for July 29, 2014

Technical outlook and chart setups:

1. Gold is expected to face resistance around $1,312.00 region and continue moving lower from there on. The metal has still not retraced completely, and is still expected to reach $1,280.00 levels; before rallying further towards the larger trend. Recommendations are to buy on dips.

2. Support is seen at $1,280.00 (fibonacci), followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,350.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold remains buy on dips and the levels of interest is $1,280.00.

Trading recommendations:

Remain flat for now. Look to buy around $1,280.00.

Good luck!