FX.co ★ Technical analysis of Gold for July 25, 2014

Gold was pushed to a monthly low towards the parallel support at $1,284.50 and $1,280 (61 fib level). In yesterday's session, the metal held the support at 200DSma and bounced a bit back. But today in Asia's session the metal rejected at the 50 DSma at $1,293.75, a high made at $1,294.10 and started looking to the downside. The nearest support level is at $1,286.60, below this, $1,284.50 and $1,280 levels.

For an hourly view, the metal is trading below the hourly moving averages. The hourly RSI is indicating a minor positive divergence, hope $1,284.50 will act as strong support zone for the time being. The pair has resistance at $1,294.10 (6hr low), $1,298, $1,301, $1,303 and $1,307 levels. Until the metal trades below $1,306.70, selling on an up move will mint money.

On a positional basis, until the metal trades below $1,324.50, $1,270 is an open target with strong support at $1,284.50 and $1,280

Intraday resistance