Gold technical analysis: Prior trendline resistance acts as support

So long as the 200-4HR SMA and prior trendline resistance, now acting as support, holds, then the bulls can continue higher with a target of 1310 on the radar once stops are cleared through 1293 (resistance) and 1303/05 territories.
However, on a break back into the descending wedge, and if the series of lower daily highs add any weight to the bearish case, a break below the 1280 level opens risk to 1266.

Ross J Burland FXStreet

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Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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