30.06.201404:49 Forex Analysis & Reviews: Technical analysis of Gold for June 30, 2014

Long-term review

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Technical outlook and chart setups:

1. Gold is seen to be stalling ahead of resistance at $1,330.00 levels. Please note that it is also the 0.618 fibonacci resistance as shown here. There is high probability of a bearish reversal from here on, at least towards the back side of resistance line.

2. Support is seen at $1,260.00, followed by $1,240.00, $1,230 and lower, while resistance is seen at $1,330.00, followed by $1,350.00/60 and higher up respectively.

3. The structure indicates that Gold needs to correct lower at least towards resistance turned support line before rallying further.

Trading recommendations:

Gold remains buy on dips for now.

Good luck!

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