Gold is witnessing a range bound trading. Higher levels it suffered with selling pressure, whereas lower level buying is supporting. Either side breakout will see direction on prices. This year as well, the yellow metal is trading in a bearish mode. Gold lost its safe heaven image after correcting 30% from its peaks. The falling channel at the level of $1,278 and close above that would amount to a breakout from the downtrend further confirming the trend reversal. Currently, prices are trading on the sell-on-rallies formula. On every rise it gets beaten. At the beginning of the new year, prices rose to its crucial resistance zone.
Support $1,227 $1,220
Resistance $1255 $1,268
Intraday perspective prices are trading in a bullish mode. In the hourly charts, oscillators shows an overbought indicators witnessing selling pressure on higher levels.
Support $1,241 $1,238
Resistance $1,245 $1,255
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