Gold price remains below $1,300 as bulls were unable last week to show signs of strength. The last line of defense for bulls is found at $1,290-80 support area and if this level is broken we could see another sell off in Gold that will bring price towards $1,250 or lower.
Green rectangle - support area
Red rectangle - target area if support fails to hold
Red lines - triangle pattern target
Gold price is challenging important support levels. Another bounce towards the black trend line is not out of the question but bulls will need more than that. Bulls will need to break above the black trend line resistance now at $1,308 in order to hope for a bigger move higher. On the other hand bears seem to be in control of the trend, they just only need to break below support at $1,280-90. This will most probably push price towards $1,250 and maybe lower towards $1,225-15 area.
The material has been provided by InstaForex Company - www.instaforex.com
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