Gold price got rejected at the cloud resistance on Friday but remains above short-term support. Short-term trend is neutral as price is inside the 4-hour Kumo (cloud).
Short-term support is at $1,250. Resistance is at $1,266 (upper cloud boundary). I expect Gold price to move lower towards $1,220-$1,200 once we break below $1,250. I currently am neutral positioned.
Gold price is bouncing off the weekly cloud support. This is good news for bulls. Weekly resistance is at $1,267 and next at $1,282. Trend is bullish as price is above the Kumo, but technically price is making lower lows and lower highs. Bulls are not out of danger yet.The material has been provided by InstaForex Company – www.instaforex.com