Gold has been trading sideways at the price of $1.287. The intraday momentum is bullish and there is also potential for the breakout of the balance, which is positive sign for the Gold. Buying opportunities are preferable.
Purple rectangle – Resistance $1.285
White horizontal line – Resistance 2 ($1.289)
White diagonal line – Resistance on the test
Yellow rectangle – Support 1 ($1.277)
Blue rectangle – Major support $1.265
We found that Gold is trying to breakout few resistance levels and make new push higher. The breakout of the $1.291 would confirm bullish momentum and potential test of the $1.309. The medium Keltner line has started to act like support and that is positive sign for the Gold. As long as the Gold is trading above $1.277, the trend will remain bullish. Watch for buying opportunities with the first target at $1.309.
