Gold price needs to stay above 1.200 to keep the current short-term uptrend intact. There is strong support in the 1.180 price region, stemming from the 2013 & 2014 intermediate lows, which were violated a few weeks ago but were regained swiftly. There is important resistance in the whole 1.240/1.260 area, which is the bottom of the descending triangle that was broken down a few months ago and led to the multi-year gold low of 1.130. QE programs going on around the world and geopolitical risks set some floor on prices, while factors such as dollar strength, slow global economic growth and low inflation expectations put pressure on commodity prices.
Gold price (nearest futures), daily candles:
Chart courtesy of Investing.com (www.investing.com)
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