The gold bulls are refusing to let their breakout falter and a move above 1280 would see them firmly back in control after a fierce batle for supremacy over the past couple of weeks, with every rally forced back down and every sell off met with buying interest.
A move higher from here would see the "flat bottomed triangle" resolve with an upside breakout, an unusual occurence, with a "double bottom" at 1180 confirmed on the charts.
Support can be found at 1250-1255, 1237-1240, 1220-1225, 1210, 1200, 1188-1190 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term.
Resistance can be found at 1266-1268, 1270-1272, 1275-1280 and 1291-1295. Holding support at 1250 and a
subsequent break above 1280 would suggest an end to the intermediate term down trend, though it would take a close above 1300 to confirm a more significant rally was developing.
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