Technical Analysis for Gold 29-7-2015

Technical Analysis for Gold 29-7-2015

Gold moved Yesterday in the average movement of 73 Pips, its highest level at 1098.82 and the lowest price at 1091.45 and closed at 1095.42 to Gain 17 pips According to yesterday’s economic data.

Gold opened today's trading at 1095.15 volatile between 1094 and 1099 during the Asian session trading at 5 Dollar for the poor liquidity in the market range.

Gold is moving in a series of down corrective waves to record the lower price over 66 months at 1087.62 to touch 161.8% fibo

It is expected that the Yellow Metal is heading targeting 1111 as a target on time frame of four hours and until now we see the Bulls control on market direction and the Bears waits the first Resistance Level to enter the market

And the Relative Strength Indicator "RSI" show us accumulation operations at the market

Today we could see sharp trading because of the economic data from the USA

Support levels: 1091.64 and 1087.86 and 1084.27

Resistance levels: 1099.01 and 1102.60 and 1106.38

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