Gold Technical Analysis for July 19, 2016.

Technical outlook and trade signals:

Gold continues to drift sideways
for now, seen to be trading at $1,329.00/30.00 levels at the moment. The yellow
metal should ideally remain below the previous resistance at $1,347.00 levels from
here on. The wave structure indicates that Gold is setting up for another drop
towards $1,311.00 at least. Please note that major support is seen at $1,304.00
levels and trend line support is also passing through the same region. It is
hence recommended to remain short for now, with risk above $1,350.00 levels.
Immediate support is seen at $1,310.00 levels, while resistance is at $1,347.00
levels respectively. Watch out for a potential pullback rally after the price prints lows at $1.310.00 levels at least. The metal remains short on rallies till
prices stay below $1,375.00 levels going forward.

Trading recommendations:

Remain short for now, stop above
$1,350.00, target $1,310.00 and $1,305.00.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com