FX.co ★ Technical analysis of Gold for July 24, 2014

The yellow metal selloff is going on in the Asia's session. As of now the metal made a low at $1,302.60 levels. The metal has support at $1,299.50 levels. We recommend to sell below $1,299.50. On the down side, if the metal touches $1,299.50, it can drift up to $1,297.30, $1,293.75 and $1,291 levels. A break below $1,291 leads to $1,286.50, $1,282, $1,275 and $1,266 levels.

A week close below $1,299 leads to weakness in further sessions.

Panic will be triggered if it hits the $1,291.50 levels.

For an intraday basis, the metal is facing strong resistance at $1,308.50 and $1,306 (10hr high). Until the pair trades below $1,306 and $1,308, we recommend selling.

Intraday - Sell below $1,299 with targets $1,297, $1,292.