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13.07.201503:51 Forex Analysis & Reviews: Technical analysis of Gold for July 13, 2015

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 13.07.2015 analysis

Technical outlook and chart setups:

Gold is trading around $1,162.00/63.00 at the moment stalling at the resistance trendline as seen here on the H4 chart. Please note that bulls need to push the price higher and take out initial resistance at $1,175.00 at least to regain control. The yellow metal has formed a potential double bottom around $1,45.00, but a break higher towards the levels of $1,175.00/80.00 would confirm the bullish setup. It is hence recommended to remain flat now and await for further confirmation. Immediate support is seen at $1,145.00/46, followed by $1,143.00 and lower while resistance seen at $1,175.00 followed by $1,185.00/87.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

InstaForex Analyst
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