FX.co ★ Gold bulls need to retake $1,300 and hold above $1,276

Gold has recently broken important technical resistance levels and is showing reversal signs. Gold price has started making higher highs and bulls now look for the possibility of a larger upward move towards $1,350-60.

Blue line -horizontal support

Green line - upward sloping trend line support

Gold price has broken above $1,288-90 resistance and is showing reversal signs. With the RSI having lots of room to the upside until it reaches overbought levels, Gold price has the potential to continue the move higher after bottoming at $1,266 and touching the green upward sloping trend line for the fourth time. Support is at $1,276 and is critical for bulls to hold above it. Resistance is found at $1,300 and recapturing this level would be an important win for bulls. As long as Gold is above $1,276 we see the bullish scenario as the most probable one.