Gold has been trading sideways at the price of $1.279. Gold is trading inside of defined range between $1.285 and $1.277. We are neutral to bearish on the Gold.
Yellow horizontal line – Support 1
Yellow horizontal line – Support 2
Blue line – Middle of Keltner Channel EMA
According to the H1 time-frame, we found that that Gold is trading in the downward sloping channel and we expect potential test of the lower diagonal at $1.275 before any further upside. Gold is trading in the trading range and the current stance is neutral. Anyway, there is potential for the test of $1.275 and $1.270. To confirm upside, we would like to see breakout of the $1.284 in order to establish buying positions.
