Gold under renewed pressure after topping at 1300.00 level, the metal could be heading to retest the broken resistance area around 1270.00 before resuming the bullish wave, which remains in favor so long as 1260.00 areas are limiting downside dips. A dip back below 1260.00 may put price back within a sideways range.
Support: 1278.00, 1270.00, 1262.00, 1242.00, 1235.00
Resistance: 1290.00, 1300.00, 1308.00, 1321.00, 1330.00
Recommendation Based on analysis and explanations above, we prefer to long gold above 1270.00 targeting 1300.00 and 1320.00. Stop loss below 1258.00