Gold price is stabilizing above $1,240. This is good news for bulls. Gold is making higher highs and higher lows so far supporting the bullish scenario for a move higher towards $1,250-60 area.
Green rectangles- support levels
Red rectangles - resistance levels
Gold price is now above the recent high at $1,243.50 made in October. Price is moving higher and is expected to reach $1,255-60 area over the coming weeks. Support is found at $1,230 area. The medium-term bullish trend that started back at the August lows will be canceled if price breaks below all green support areas and the green trend line currently at $1,210.
The material has been provided by InstaForex Company - www.instaforex.com