Gold did not made much improvement towards any direction yesterday. The sideways move has kept the precious metal between the 1,315-28 range. It is very possible that this correction will end with another leg down towards 1,300. Important support is found at 1,291 and 1,272. We are neutral with a small upward bias. If prices break above 1,333 resistance we will enter long targeting 1,400.
The hourly chart shows that the decline has paused between the 76.4% and 61.8% retracement. This is an important support level relative to the upward move from 1,291 to 1,375. We expect the prices to move upwards soon and start a new upward move towards 1,400.
The daily chart above shows that prices are supported near the 1,280-1,300 area. This support if held, we should anticipate another upward move towards 1,400. So we remain sightly bullish as long as the prices stay above support.
The material has been provided by InstaForex Company - www.instaforex.com
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