Gold near major resistance





Gold continues its upper move after hitting the upper high at $1,182. It holds the June's low and close above the uneconomical level $1,200, which is a bull factor. In the weekly and daily charts, oscillators indicate positive divergence, hourly chart gives an overbought sign. We are still on the bearish note for the level of $1,170 and even lower.
In the hourly chart, oscillators show an overbought sign and hold above the 21 EMA at $1,232. As per daily charts, some more up move steam left before big leg down.
Resistance $1,245 $1,252 $1,268
Support $1,232 $1,220
Price closes above $1,269 on a daily basis can make further bullishness. We recommend sell on rallies until prices meet at the level of $1,100.


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