Gold price is challenging short-term important resistance. Medium-term trend remains bearish as long as price is below $1,300, but Gold in the short-term has formed a double bottom as we mentioned in previous posts and is challenging resistance.
Blue line - short-term trend line resistance
Gold price is back inside the resistance area of $1,280-90. Price has formed a double bottom and has so far bounced closer to the important resistance level of $1,300. Support remains at $1,266 and if broken we will see a move towards $1,250-60 or lower. Breaking above $1,300 will open the way for a move towards $1,350-60 and higher.
The material has been provided by InstaForex Company - www.instaforex.com