Gold traded lower in past 24h period but it is on critical support at $1.279.00 and selling at the support looks very risky. We are expecting further upside and potential test of the upward references.
Yellow rectangle – Short-term resistance, which became key support
Green rectangle – Resistance based on price action
Green rectangle – Resistance 2 based on price action
Green rectangle – Resistance 3 based on price action
Gold is testing the key support at $1.278.00. Our advice is to watch for buying opportunities. Upward references are set at the price of $1.294.30, $1.300.95 and $1.310.00. As long as the Gold is trading above the $1.265.00, the short term-trend remains bullish. Medium Keltner average (20EMA) is acting like support, which adds more potential for upside.
