Gold technical analysis

Source: Dukascopy Bank SA
Sideways trading range between major support at 3282.30 and strong resistance at 3422.42.



Currently, the price action has a clear bullish tilt. After bouncing from the bottom of the range, Gold has rallied decisively above the key mid-range pivot point at 3372.25. This upward momentum is confirmed by a bullish "golden cross" of the moving averages and an RSI reading that is firmly above its 50 midline. Given the current momentum, a test of the major resistance at the top of the range near 3422.42 appears to be the most likely scenario. However, should the price be rejected from this level, a pullback towards the pivot support around 3372.25 would be expected.
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