Gold sees hesitation, resistance at 1307


The Gold maintained some bearish momentum the past few days, resistance is at 1307 levels while support is at 1279 levels,  recent development leaves the pair uncertain about the  next direction, stability below the 1307 levels on a daily closing basis will build a pressure on the 1279 levels a cut will turn focus on the 1244 levels, further break will aim the 1208 levels.

On the upside , a failure to  hold below the 1279 levels could mean a return to the 1307 levels, break of 1307 levels on a daily closing basis will confirm short term bottoming ,  If seen, the pair is likely to recapture the 1347 levels, a halt is suggested but a breach will call for a run towards the 1420 levels.

In all, as long as the 1307 levels hold on a daily closing basis , the gold will remain under pressure with risk to the downside towards the 1244 levels ahead of the 1208 levels, stability above the 1307 levels on a daily closing basis will have large bullish implication towards the 1347 levels ahead of the 1420 levels.


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