Gold at Resistance

Gold reached resistance in yesterday's trading session. The precious metal rose to a high of $1,367, still lower than last month's high of $1,375, and is now trading at $1,364. So far today we are witnessing light volumes which indicate that a change in trend is probable.

Gold is expected to pick a direction depending on the forces from both sides - bulls need to get past the resistance at current market price, meaning that if they get a close above $1,370, then $1,400 becomes a real possibility. On the other hand, bears need to put more effort into withholding price. If they can keep it under $1,370 today, they would have a big chance of a market turn.

Whatever happens, Gold is one of the most exciting assets to trade this year.

Chart: XAU/USD D1