Gold price is showing reversal signs. Yesterday I mentioned that it is time for bulls to take profits and turn neutral or even bearish. Gold will at least make a pullback towards $1,330 if not lower. Major trend support has climbed from $1,280 to $1,300.
Yellow rectangle -support
Black rectangle - short-term support
Gold price remains inside the bullish channel and so medium-term trend remains bullish. However price has reached the resistance area of the upper channel boundary and as explained yesterday, I expect a pullback from current levels and prefer to be at least neutral if not bearish. A back test of the $1,330-26 area that was once resistance could be seen soon. Trend will only change on a break below $1,300. Until then bulls remain in control of the trend.
