Gold did reject of the important pivot resistance that I mentioned yesterday at the price of $1.429. Anyway, support is on the test at $1.416 and the Gold is trading inside of the trading range between the price of $1.429 (resistance) and $1.416 (support). Watch for breakout of support or resistance to confirm further direction.
Technical picture:
Important levels to watch:
$1.429 – Resistance blue horizontal line
$1.416 – Multi swing high Resistance
$1.440 – Resistance in case of the up break
$1.400 – Support in case of the down break
Support at the price of $1.416 is on the test and selling at this stage looks very risky. My advice is to watch for potential rejection or higher high and higher low on M30 to confirm potential rejection. If that would be scenario, your upward targets should be at $1.429 and $1.440. In case of the stronger down break, downward target is set at the price of $1.400.
