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18.07.201607:16 Forex Analysis & Reviews: Gold Technical Analysis for July 18, 2016.

Long-term review

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Technical outlook and chart setups:

Gold is seen to be trading lower at $1,327.00/28.00 levels at this moment, looking to complete an impulse (5 waves) by dropping towards $1,313.00 levels at least. The metal should remain good to be sold on rallies, till prices stay below $1,375.00 levels. The wave structure indicates that the yellow metal seems to have completed its rally from $1,046.00 through $1,375.00 in 5 waves earlier. It is now expected to correct lower in 3 waves, and $1,250.00 should be the first potential downside target. It is hence recommended to remain short now and also look to add further on rallies, till prices remain below $1,375.00 levels. Immediate support is seen at $1,300.00/10.00 levels, while resistance is at $1,375.00 levels respectively.

Trading recommendations:

Remain short now, stop at $1,385.00, target at least $1,250.00 levels.

Good luck!

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