Quiet day today as there is trading holiday in the US. Gold market is showing no clear direction today although price is a bit higher than Friday's trading session. Nothing is clear yet for the medium- or long-term trend for Gold.
Green line -long-term support trend line
Blue neck line - horizontal support
Black line - short-term resistance trend line
Blue downward sloping line - long-term resistance trend line
Gold price has bounced once again off the upward sloping green trend line support. Now we find key support at $1,270 as long as price is above this level bulls still hope for a bigger move higher. Bears on the other hand as long as they see price below $1,300 they have hopes for another sell off. Gold price has resistance at $1,290-92 area and if this level is broken then we would give many chances of a continued move higher. Failure to hold price above $1,270 will open the way for $1,250-30.
The material has been provided by InstaForex Company - www.instaforex.com