The Gold price remains inside the downward sloping wedge pattern. The price is right below critical wedge resistance at $1,230-35 area. Only a break above this level will give us a bullish sign that price could reach next resistance level of $1,245-50.
Black lines - wedge pattern
Red line - bullish divergence
Blue line - RSI resistance
The Gold price has short-term support at $1,222 and next at $1,217. However, if $1,222 is broken we will most probably see a move towards $1,200. If resistance at $1,235 is broken we should expect Gold to rally towards $1,245 and higher. A break out above the wedge pattern has many chances of bringing Gold back towards $1,300.
