Gold rallies sharply, extending the bullish correction above 1269.00-resistance and completing a double bottom pattern. The price has also reached near the next potential upside target and resistance around 1300.00, while we still see 1320.00 as a possible target for the current bullish wave. Therefore, the bullish bias remains favored in the near term.
Support: 1290.00, 1278.00, 1270.00, 1262.00, 1242.00
Resistance: 1300.00, 1308.00, 1321.00, 1330.00, 1338.00
Recommendation Based on analysis and explanations above, we prefer to long gold above 1278.00 targeting 1300.00 and 1320.00. Stop loss below 1262.00