Gold had not much action yesterday as has mainly been trading sideways for the last couple of sessions between $1,310 and $1,330. The short-term trend remains bearish as the price is making lower highs and lower lows. Important medium-term support is at $1,280-$1,300.
Red line - resistance trend line
Gold is below the trendline resistance and below the 4-hour Kumo. No sign of a bullish reversal yet. Short-term resistance is at $1,325 while support is at $1,312. Breaking above $1,325 could push Gold even towards $1,340-45. A break above $1,350 will increase the chances of a new high. If support fails to hold, we should expect Gold to dip below $1,300.
Blue lines - bullish channel
Gold has most probably completed the entire rise from $1,045 and has now started a multi-week corrective pullback that should bring the price at least towards $1,250 if not $1,170. I remain longer-term bullish in Gold as long as the price is above $1,045 targeting above $1,500.
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