Nothing new for Gold today

Gold price has made no progress today either to the upside or the downside. Gold price remains above the broken trend line resistance. Gold price has recently given a bullish sign, however price remains below the critical $1,300 level.


Black line - resistance

Green line - support

Blue horizontal line- support

Gold price is trading above the blue neckline support at $1,276 and above the broken black downward sloping trend line resistance that was recently violated to the upside. Gold price shows signs of a reversal, but today's price action was very light as price mainly consolidated near its recent highs just below $1,300. The RSI has not reached overbought levels yet so I believe we might have more upside in Gold price.

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