Gold price is trading near its trading range lows. Price is testing important support but bearish momentum is not very strong. I expect a bounce from the current levels at least towards $1,340-50.
Black lines - trend line support
Gold is testing daily cloud support at the lower cloud boundary. Price remains above the medium-term trend upward sloping trend line. The sideways move continues and longer-term trend remains neutral with no clear direction as we remain trapped inside the trading range. Being at the lower boundaries of the range, I prefer being bullish with tight stops at the previous lows.
