The price of gold approached its first target of the 1326 rise yesterday to retreat during morning trading in an attempt to gather some bullish momentum due to the saturation of the Stochastic and RSI over the 4 hour frame … The possible bullish scenario remains intact with the failed Support 1302, and the potential targets for the resistance remain 1326 as the first target and then the February summit around 1345 as the second target.
Breaking the recent bullish formation with a four-hour closing below 1302 might be enough to derail the upside scenario, and then the price could then head to test support 1291 as the first target and then support 1280 as the second target.
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