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Gold price despite having broken below the major support area of $1,280, it remains resilient and has not accelerated the decline towards $1,250-60. The oversold short-term conditions justify a bounce towards $1,300 as we mentioned in a previous post and we remain bearish as long as price is below that area.
Green rectangle - major support
Red rectangle - target
Black line - major resistance trend line
Red line - expected move
Blue line - RSI expected move
RSI is turning upwards from oversold levels and this implies we could see price of Gold back test the $1,280-90 previous support now resistance area, before moving lower towards $1,250-60 which is our first target as long as price is below the black downward sloping trend line. Trend remains bearish. Any upside bounce with price below $1,300 is currently considered a selling opportunity. Breaking above $1,300 and holding above it would be a bullish sign.
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