Gold rebounded from lower level buying and managed to close above $1,200 levels. The short-term view of gold is purely negative. Gold yearly high is at $1,694. Currently, gold is holding its uneconomical level at $1,200. The miners will cut production if gold below $1,200. Till now we did not get the goal post (bottom) for the precious metal.
At the Asian trading session, gold is trading at $1,200. Hourly indicators show a mixed bag. Long-term traders who understand the importance of gold in future can start accumulate gold at lower levels. Trading below $1,202 produce bearish signals on intra gold.
Support 1,198 1,187 1,180
Resistance 1,202 1,208 1,210
