Gold extended the strong bullish bias to close the trading session at the main descending resistance shown on image, and the key horizontal resistance at 1338.00, and slightly above the 50-days SMA. At this level, we expect price to lose some ground, and pullback again towards 1300.00 area. However, a break above 1340.00 may signal further upside towards 1390.00 and 1420.00 levels.
Support: 1330.00, 1321.00, 1314.00, 1300.00, 1295.00
Resistance: 1338.00, 1350.00, 1360.00, 1365.00, 1375.00
Recommendation Short below 1340.00 target at 1321.00 and 1300.00. Invalidation above 1355.00