Gold price has reached very close to our break out target of $1,350-60 area. Price is getting rejected right below the major resistance. Bulls need to hold above $1,300 in order to hope for more upside.
Black line - short-term resistance
Red line - major support
Blue line - major resistance
Short-term support is found at $1,320 where we also find the 38% Fibonacci retracement level. Gold price got rejected at the long-term resistance trend line. Breaking below $1,320 would be a bearish sign. If price breaks below $1,320-15 then there will be a lot off probabilities that the next big selling leg has started. Until then bulls continue to control the trend.
