The Gold price got rejected just below the $1,260 level yesterday and has pulled back towards $1,245. Support is critical now at $1,243-$1,237 and if this level is broken we should expect a move at least towards $1,227.
Red rectangle – support area
Blue trend line – support
The Gold price remains in a bullish trend as price is above the Kumo (cloud). Price is pulling back to back test the breakout area of $1,243-40. Holding above the red rectangle and the blue trend line will be a bullish sign and might bring in more buyers for another leg higher towards $1,275-80.
The Gold price got rejected at the Daily Kumo and near the 61.8% Fibonacci retracement of the decline. The daily trend remains bearish as long as the price is below the Kumo. Daily support is at $1,237-31. Resistance is at $1,257 and next at $1,265.The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Gold price got rejected just below the $1,260 level yesterday and has pulled back towards $1,245. Support is critical now at $1,243-$1,237 and if this level is broken we should expect a move at least towards $1,227.
Red rectangle – support area
Blue trend line – support
The Gold price remains in a bullish trend as price is above the Kumo (cloud). Price is pulling back to back test the breakout area of $1,243-40. Holding above the red rectangle and the blue trend line will be a bullish sign and might bring in more buyers for another leg higher towards $1,275-80.
The Gold price got rejected at the Daily Kumo and near the 61.8% Fibonacci retracement of the decline. The daily trend remains bearish as long as the price is below the Kumo. Daily support is at $1,237-31. Resistance is at $1,257 and next at $1,265.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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