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    Technical analysis of Gold for July 27, 2015

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    Technical outlook and chart setups:

    Gold is trading around $1,099.00 at the moment after hitting lows at the levels of $1,075.00/76.00 earlier. As depicted here, bears remains in control until prices stay in the sell zone, and broadly below initial resistance at $1,175.00. Please also note that $1,130.00/32.00 is the fibonacci 0.618 resistance level of a drop between $1,175.00 and $1,075.00 respectively. It is recommended to remain flat for now and look for an opportunity to initiate short positions around the levels of $1,130.00/32.00, with risk at $1,175.00. Immediate support is seen at the level of $1,052.00, followed by $1,030.00 and lower respectively, while resistance is seen at $1,175.00 and higher respectively.

    Trading recommendations:

    Sell on $1,130.00/32.00.

    Good luck!

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