FX.co ★ Gold price still below major resistance

Gold price is back at $1,285 just below the important resistance trend line from $1,347 and the short-term high at $1,290. Gold bulls still have hopes for an upward break out but another rejection will ruin their plans.

Blue line - RSI support

Green rectangle - major confluence area

Gold price is back inside the green area just below the red downward sloping resistance trend line. As long as the RSI holds above the blue trend line and price is above $1,278, bulls still have hopes for more upside. But a break below $1,278 will decrease dramatically the chances for a move higher. Next important support is at $1,266. Breaking it will open the way for a move below $1,250. A break above $1,290 will open the way for a move towards $1,300 and higher.