Gold continues to hit the 1,290 resistance from below, but it is unable to break above. Although prices have moved outside of the downward sloping red trend line; there is no break above the 1,290 resistance level. At the same time, prices manage to stay above the 1,270 support and are reaching closer to the upward sloping purple trend line.
The price action after November 14 is mostly sideways. Bulls will need to break above the green price level at 1293$ and bears will need to push below 1,280 in order to 1,270 to be tested. We remain bullish biased, as long as prices trade above support trend lines and support price levels.
In the daily chart above we see how support was respected and prices started an upward bounce. Now bulls will need to close above the MA resistance found at 1,309 for the bullish case to have increased chances and for bulls to be able to reach 1,400. Concluding, we remain bullish biased, as long as prices trade above 1,260 with 1,309 our major resistance for the short-term trend. There are small bullish signs, but it will need more than that for the bullish scenario to remain valid.
