FX.co ★ Technical analysis of Gold for July 21, 2014

Technical outlook and chart setups:

1. Gold might have formed an intermediary top at the $1,324.00/25.00 levels last week. The next probable move could be lower from here on, potentially towards $1,280.00/90.00. A push through $1,325.00 should see $1,332.00/34.00 tested before pullback.

2. Support is at $1,290.00/80.00 (fibonacci), followed by $1,260.00, $1,240.00/30.00 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 falling in a corrective manner and should resume the upward trend.

Trading recommendations:

Remain flat for now. Look to go long lower around $1,280.00.

Good luck!