XAUUSD Monthly Forecast July 2014

Outlook in XAUUSD remains on the downside as long as resistance 1327 (Nov 2013 high ) holds on a monthly closing basis , support comes at the 1240 levels (Jun 2014 low ) , a break would open main support at the 1174 levels ( Aug 2010  low) , sustained trading – monthly closing – below the 1174  levels will bring a free fall towards the 1111 levels (Apr 2010 low) ahead of the 1044 levels(Feb 2010 low)…next support zone comes at the 905/880 levels……..

On the upside resistance comes at the 1327 levels ( Nov 2013 high ), break of 1327 on a monthly closing basis will turn outlook neutral for retesting main resistance at the 1488 levels (May 2013 high ), If this important resistance is taken out , expect the precious metal to flyby towards the 1795/1920 levels…..

In the long term view , the GOLD is bearish as long as resistance 1488 holds on a monthly basis ,  so any upside move should be limited by the 1327/1488 levels , break of 1488 levels on a monthly basis will suggest that fall from 1920 levels is over at the 1180 levels . If seen , sooner or later the pair will recapture the 1795/1920 levels……….


XAUUSD Monthly Forecast July 2014




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