Gold peeked yesterday to 1274.13 with expectation for further advances as market over-passed 1270 level (R1), and closed at 1268.85. But as previous retreats for gold abandoning 1270 level and 1275 (R2) still creeps into mind, which justifies the precious metal retracements.
Technically, gold remains above its daily 50-EMA at 1250, which sustains the bullish momentum and Gold destination remains upward, but in case market closed today below 1250 (S3), the trend will shifty bearish and the expectations for further decline prevails. Expectations for penetration for support and resistance levels should be taken into consideration due to U.S Data release shortly.
Trend: Bullish Sidways
Resistance levels : R1 1270, R2 1275, R3 1280, R4 1288
Support levels : S1 1265, S1 1259, S3 1254, S4 1251
Comment: Gold remains bullish as long as market closes above 1250, otherwise, trend reversal should be taken into consideration. Expect spikes to fight R2 and R3 levels as recent behavior. Also, dips should fight S1 and S3 levels. Look forward for U.S Data which is a main player today for gold.
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