Gold continued moving higher, breaking above the 200-period moving average and above the 1280 barrier, which coincides with the 61.8% retracement level of the 22nd May – 3rd June decline. In my view, such a break could have larger bullish implications and could pave the way towards the resistance zone of 1305 (R2). The MACD remains above both its trigger and zero lines, while the RSI remains above its blue support line and does not seem willing to exit overbought conditions, at least for now. As long as the precious metal is forming higher highs and higher lows above the short-term blue uptrend line, We consider the short-term outlook to be positive.
- Support: 1268 (S1), 1257 (S2), 1240 (S3).
- Resistance: 1280 (R1), 1305 (R2), 1315 (R3).
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