Supply levels: 1,340.20, 1,370.40, and 1,423.30.
Demand Levels: 1,282.00, 1,266.00, 1,255.10 and 1,209.
Bullish breakout above previous congestion zone extending between 1,265-1,298 took place, the bullish momentum was confirmed with previous Friday's price action (bullish hammer). However, a lack of bullish steam after hiting 1,347.8 led to a strong dip down below 1,282.95 (the recent bottom) that was contained around 1,272.40 slightly above the lower limit of the congestion zone.
A bullish position was suggested at retesting of 1,285 with SL located below 1,260, our position is running in profits now. Moreover, the metal established a demand zone around 1,315 that should be defended by bulls.
Another BUY position can be taken around 1,315 with SL as 4H closure below 1,304.
Fundamentally, Gold rose to more than 1% during today's trading session, reaching its highest level in nearly two weeks against the backdrop of negative data aided by higher possession of largest gold trading funds for the first time in two months.
