Gold traded within a relatively tight range yesterday above 1261.00 key support level and neckline for the completed double bottom, on the other hand below the descending resistance shown on chart, a break above this descending resistance will confirm further upside towards the main upside target at 1320.00. Price should remain within the rising channel for the bullish scenario to remain valid.
Support: 1278.00, 1270.00, 1262.00, 1242.00, 1235.00
Resistance: 1290.00, 1300.00, 1308.00, 1321.00, 1338.00
Recommendation Long gold above 1270.00, targets at 1300.00 and 1320.00. Invalidation below 1258.00