FX.co ★ Technical analysis of Gold for July 28, 2014

 Technical outlook and chart setups:

1. Gold is seen to be retracing its earlier gains for now. Minimum levels expected for bottom formation are around $1,280 and $1,260.00. Recommendations are to turn bullish at lower levels.

2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00/30.00 and lower, while resistance is at $1,340.00/50.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold remains buy on dips but around $1,260.00/80.00.

Trading recommendations:

Remain flat for now. Look to initiate longs around $1,280.00 levels.

Good luck!