Gold price although it got rejected at $1,355, has pulled back to make a new lower low below $1,330 but sharply came back above the support price level. Gold price trend is neutral as price is trapped within the $1,355-$,1330 range. Important support levels like $1,330-20 have held so far. Gold price is now bouncing from the Ichimoku cloud support towards the 76.4% Fibonacci retracement of the latest decline.
The downward sloping trend line is resistance for Gold price. Breaking above this trend line at $1,353 will bring in more buyers and will push to new highs towards $1,360-70. Gold price is now testing resistance levels. Support is found at $1,337-35. Breaking below this level will push towards $1,328-25.
The sideways consolidation is evident in the daily chart as well. Long-term trend remains up but a top could be forming so bulls should be very cautious in case support at $1,330 fails.
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