Gold price tried to break above resistance at $1,317 yesterday but got rejected. This was a bearish sign and that is why Gold price is back below $1,310. Price however still holds above support of $1,300.
Yellow rectangle -major short-term support
Black rectangle - important short-term resistance
Gold price remains inside the medium-term bullish channel. As long as price is above $1,275-80 trend remains bullish. However we have noted a few days back that after reaching our $1,320 Gold price should see a pullback at least towards $1,300. The pullback was fast towards $1,302 and I do not think it is over. As I said yesterday, I prefer to be neutral or bearish as long as we trade below $1,317. A new minor low below $1,302 is the minimum expectation at current stage.
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