Medium term trend: Down
Significant Levels: 1250 (Horizontal Support), 1310 (Horizontal Support), Downtrend Line,
Recently, the price has gone up. We can see in the chart that the market respected the downtrend line. The price rejected it and moved down. Currently, the price is near the . Although the price has gone up, we are still on this market. But if the price completely breaks the and our current resistance, which is 1310, we will consider of going here.
Take note that we are for the short to medium term, but for the long term, we are . The was drawn on the monthly chart. We can see how the market reacted to the . It rejected that significant level which indicates that the bulls took control.
To summarize, we are on gold in the long term, but in the medium term. If the price completely breaks both the and resistance, we will consider changing our medium term view of this market. Definitely, the 1180 price level and the in the monthly chart is a very solid support. If the price breaks both levels, we will be also in the long term.