FX.co ★ Technical analysis of Gold for Aug 11, 2014

Technical outlook and chart setups:

1. Gold reverses just shy of $1,324.00/25.00 levels as seen here. The metal is pulling back at the moment and $1,316.00 is seen as short-term resistance for now. Look to go long again or add further positions at lower levels again.

2. Support is seen at $1,296.00 (fibonacci), followed by $1,280.00, $1,260.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher up respectively.

3. The structure indicates that Gold is retracing at the moment. Levels of interest to initiate long position is $1,295.00 levels.

Trading recommendations:

Remain long or add dd further at $1,295.00.

Good luck!