The gold price remains in a neutral sideways trend. Neither support nor resistance was broken yesterday and we continue to wait for the next big move. The $1,340-50 area remains the upside potential. The downward potential is $1,290-$1,250.
The price continues to trade between these levels. The trend is neutral. As long as the price trades above $1,307, there is still a chance of seeing a move towards $1,350. So, it is preferable to stay long while we are trading above $1,307. If we break support, then it is wise to turn bearish as there is an increasing risk of falling towards $1,250.
The gold price is trading sidewys and could be forming a bullish flag. Breaking above $1,334 will be a bullish signal. If it happens, my first target will be $1,340-50. This is a very imortant resistance area. If broken it could push the price towards $1,390-$1,400. If support at $1,307 fails, we could see Gold push towards the Ichimoku cloud support at $1,280-90.
