Gold price is testing short-term support at $1,338-40 area. Price remains inside the multi week trading range of $1,300-$1,365. Gold made a double top at $1,355 and reversed back down canceling the breakout above $1,351 earlier this week.
Red lines - trading range
Black line - short-term support
Gold price is trading around the 4hour Ichimoku cloud. There is a positive slope in the current move from March lows but we have also see three rejections around the $1,355-65 area. The second rejection was the most severe one as price reached $1,365 and could not even see a 4 hour close above $1,356. If price breaks below the cloud support again at $1,340 bears will want to break the black trend line at $1,338 in order for a push lower towards $1,320-$1,310. Bulls need to retake $1,355-60 and eventually break above this area for $1,400-$1,430.
The material has been provided by InstaForex Company - www.instaforex.com
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