22.07.201404:33 Forex Analysis & Reviews: Technical analysis of Gold for July 22, 2014

Long-term review

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The metal is supported by geopolitical concerns and it rolled towards 20DSma. From last two days, the metal is facing at 20 DSma on closing basis, but yesterday it exactly rejected at 20 DSma $1,318.50 levels. The metal trading pattern is framed between 20-30 DSma $1,318.50-$1,304 levels. If the metal closes above $1,318.50, we can see $1,324 and $1,334 levels. Safe positional traders can buy above $1,324.50 for targets $1,334 and $1,335 levels.

Support: $1,304, $1,302.50, $1,293.50.

Resistance: $1,318, $1,324.50, $1,339.50.

For an hourly basis, the metal is trading above the hourly moving averages. The metal has support at $1,310 (14hr low) and $1,306.50. Until the pair holds $1,310, we can see an upside target at $1,314, $1,315.50 and $1,318 levels, cmp $1,311.50. If the metal breaks the $1,310 levels, it can try to take support at $1,309 and $1,306 levels.

Below $1,306, the last intraday hope is located atn $1,304 levels.

Below $1,304, it can fall up to $1,300, $1,297.50 and $1,293.50 levels.

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