The precious metal has been in a consolidation pattern around 1300.00 for some time now, with today and tomorrow having the potential to jolt the market back to life. The price action has set up what appears to be a bearish wedge continuation pattern. As can be seen, the price entered the pattern from above, suggesting it will exit the pattern with a move lower. The target of the double top pattern from 1365.30 remains in the 1240.00 area. A move under 1289.50 followed by 1280.00 is needed to confirm the move lower. Supports come in at 1276.95, 1265.25 and 1250.00.
Resistance can be found at 1302.00 followed by the 200 period at 1304.00. A move above this area would need to be followed by a push above 1311.14 to continue the advance to 1317.55 and 1320.00. This would open the way to 1340.00 and a retest of the 1350.00 level.
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