Gold price is trading at its weekly highs and above last week's highs. Gold price has found support at $1,266 and is now challenging important short-term resistance and previous top at $1,290 resistance area.
Blue line- important short-term resistance trend line
Blue rectangle - short-term support
Gold price is challenging the blue trend line resistance once again. A break above it will be a bullish sign. The resistance level is the recent high at $1,290 and support is found at the $1,276 area. Holding above the $1,276 level keeps hopes alive for a move above $1,300 or even to new highs above $1,350. Breaking below $1,276 opens the way for a steep decline towards $1,250-20.
The material has been provided by InstaForex Company - www.instaforex.com