Gold price remains under pressure or stable with no buyers on sight to push price higher. Trend remains bearish. I continue to believe that Gold price at current levels offers great buying opportunity. Gold should start rising in a fast pace on a break above $1,273. Until then, bears remain in control.
Magenta lines – bearish channel Gold price remains inside the bearish channel making lower lows and lower highs. Support is now at $1,260 and resistance at $1,273. A break above $1,273 will push price towards $1,285 at least. Major resistance is at $1,307. Break it and we are off to $1,350-$1,400. If support at $1,260 fails to hold I see Gold reaching $1,255-50. Major support for Gold is at $1,235. Bulls under any circumstance want this level broken.