Trading in gold has declined over the past two days because of the saturation of the stochastic and RSI indicators on the daily basis … The price is moving favorably during today’s trading after receiving support from 1325-1330 …
The possible bullish scenario remains valid as long as the trades remain above the ascending trend line shown on the daily chart, and could return to the 1345 level (the second target on Wednesday), which could push the pair to the next resistance level at 1365.
A close of at least four hours below the ascending trend line shown on the daily chart might be enough to end the bullish scenario and the price could then head for the 1276 support as the first target and then the 1250 support as the second target.
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