Gold Morning Technical Report 23/7/2014

The pair is fluctuating heavily between Linear Regression Indicator 34 and 55 and around 38.2% correction showing on graph at 1305.00, which will be the intraday interval for today. Trading below 1320.35 at 23.6% correction is negative, but the pair should break the referred to support 1305.00 then the psychological barrier 1300.00 to support this outlook.

The end of the downside move that started from 1345.10 isn't confirmed yet till now, and despite that the downside move weakened according to AROON Indicator, the downside move is still ongoing. Stochastic is almost achieving a negative crossover below line 50. MACD is also negative and its signal linesis trading below line zero.