In view of the absence of important macroeconomic releases market participants continue to buy the US currency which in turn leads to the reduction of gold rate to the level of 1251.72. The sellers have tested this level several times, but failed to drop the rate below it.
If the sellers fail to consolidate below 1251.72 and the buyers take the initiative one may speak about the formation of the upward movement after the rate is fixed above the level of 1259.20. In this case growth to 1266.39 is possible.
Technical indicators point at the preservation of the downward tendency. are directed downwards. histogram is growing in the negative zone. Breaking through the level of 1251.72 and consolidation there will be a signal for the continuation of the downward trend.
Support levels: 1251.72, 1245.63, 1237.28.
Resistance levels: 1259.20, 1266.39, 1270.26.
Sell positions may be opened below the level of 1251.72 with targets around 1245.63-1237.28 and stop-loss at 1255.00.
Buy positions may be opened above the level of 1259.20 with targets at 1266.39-1270.26 and stop-loss at 1256.00.
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