FX.co ★ Intraday analysis of Gold for July 30, 2014

GOLD

The metal was rejected at 200DEma and pushed towards 50DSma. The trading pattern is framed between $1,312-$1,294. On the down side, if the metal hits the support, it can extend its fall up to $1,292, $1,286, $1,275 and $1,270. Breaks below $1,286, then only we are able to see the lower levels. On the upside, if the metal breaches the resistance, it can fly up to $1,324, $1,330, $1,345 and $1,360 levels.

For an hourly trading, the metal is trading below the hourly moving averages. In yesterday's fall, the metal held the breakout level from the descending upper trend level. The metal has an hourly support between $1,297-$1,295.80 levels. Resistance is at $1,300.75 and $1,301.50 levels. We recommend to buy above $1,302 with targets at $1,305, $1,310, $1,312, $1,315 and $1,318. Sell below $1,292 for targets at $1,290, $1,287, $1,280 and $1,275 levels.

Until the metal trades below $1,324, the bears may control the metal to make $1,275/$1,270 levels.

Sell only below $1,292.

Safe traders can buy above $1,302.