Gold Consolidates Close To Resistance

Gold has been trading in an uptrend for the past three weeks. The upward move started on May 9 when price was around $1,220. Since then, the precious metal has climbed to a high of $1,269.16 as bulls reacted strongly to the support taking advantage of the low volume and lack of selling.

Currently, Gold is trading at $1,267, a bit lower than its highest reach last week. If bulls continue on their way North, immediate resistance rests at $1,273, along a downward trendline that started in the middle of July 2016. If that level is broken, then major bull target is the $1,300 psychological level.

On the other hand, a failure to push price above the resistance would result in bears taking control over the Gold market with the intention to drag the price down and reverse the trend with first potential target at $1,245 and major target $1,230.

Char: XAU/USD H4