Gold price remains near its highs of $1,298.50 consolidating in a sideways movement. Medium-term trend remains bullish and a break above $1,292 will increase the chances of a move towards $1,320. Support remains intact at $1,276-78 as every time we reach that area prices bounce.
Red lines - bearish scenario if support fails to hold
Gold price should move towards the 38% Fibonacci retracement support around $1,260 if support at $1,276 fails to hold. Resistance is found at $1,292 and bulls need to break this level in order to cancel any possibility for a move towards $1,260 or lower. So far this sideways consolidation between $1,290-$1,276 favors bulls.
