Gold price is still vulnerable to a move towards $1,300 and I remain bearish biased as long as price is below $1,317. Medium-term trend remains bullish as long as price is above $1,280-75 area.
- Purple lines - bullish channel
- Yellow rectangle -important short-term support
- Black rectangle - resistance
Gold price has short-term resistance at $1,317. A break above it will open the way for new highs towards $1,330-40 and maybe towards our longer-term target of $1,350. Failure to break above $1,317 over the next couple of sessions, might lead to another pullback towards the short-term support at $1.300. Breaking below it might push price towards $1,280-75 major support area and lower boundary of the channel. Currently I prefer to be neutral or bearish as long as price is below $1,317.