Gold Technical Analysis for July 26, 2016.

Technical outlook and chart setups:

Gold is seen to be trading at
$1,316.00/17.00 levels at this moment, after having hit lows at $1,312.00
yesterday. Please note that the metal is trading/drifting sideways in a
tight range between $1,315.00 and $1.323.00 levels. The yellow
metal might still unfold a countertrend rally towards $1,350.00/60.00 levels
going forward, but needs to at least break above $1,330.00 levels to confirm.
The wave structure also indicates that the drop from $1,375.00 through
$1,310.00 levels is an impulse (5 waves), and hence a countertrend rally is most
probable to unfold. Bulls would want to remain in control till prices stay
above $1,310.00 levels. Please also note that the metal might
drop to $1,305.00/07.00 levels before reversing. It is hence recommended to
remain long (aggressive trade setup) for now with risk below $1,310.00 levels.
Immediate support is seen at $1,310.00 levels, while resistance is at $1,334.00
levels respectively.

Trading recommendations:

Remain long, stop below
$1,310.00, targeting $1,350.00.

Good luck!

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