Gold price is trading near its weekly highs after challenging important support at the start of the week. Price initially broke below important support trend lines but the week is ending on a more bullish note than when it started. Price is approaching major resistance area of $1,290-$1,300 again.
Green rectangle - support area
Red line - major support trend line
Blue line - major resistance trend line
Gold price bounced once again from the green support area. Bulls manage to hold above $1,266 and price recaptured $1,280. Gold price is now challenging the $1,290-$1,300 resistance area. For more upside bulls will need to break this resistance and recapture and hold above $1,300. Failure to do so will bring price back to $1,270 and if $1,266 is broken we will most certainly see a move to $1,250-20. For now bulls are still alive but bears continue to hold the upper hand.
The material has been provided by InstaForex Company - www.instaforex.com