Gold Update

Gold managed to pull through the resistance at the psychological key level of $1,100 and closed its highest at $1,127. Prices are still looking for the right direction to trend in the long-term, but the bearish sentiment is still the leading factor in the short-term.

The last high of $1,127 acts as a resistance with 200SMA at the same level, if this resistance is breached, then the bulls will have to sustain the momentum and go for the next target of $1,161. Support rests at $1,118, after this, next support is $1,082.

Chart: H4, XAUUSD