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04.07.201916:23 Forex Analysis & Reviews: Gold price stays above short-term support

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Gold price got rejected at $1,439 and has pulled back towards previous resistance now support at $1,400. Gold is in a trading range and it is better to be neutral until we see a clear break of resistance or support.

Red rectangle - support

Green line - trend line support

Yellow rectangle - resistance

Gold price has resistance at $1,439-40 and support at $1,400. As long as price is above the green trend line and the red rectangle bulls will have hopes for a move towards $1,500-$1,520. Breaking above $1,440 will confirm this bullish scenario. However yesterday's double top and rejection at $1,440 is a bearish sign. Breaking below $1,400 will open the way for a move towards $1,300-$1,330. So now we wait.

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