Gold prices have been range bound for 2 months but a golden opportunity may be just around the corner.
Gold prices have been oscillating between the high-volume area resistance zone at 1249.8 – 1271.9 and the short-term high-volume area support at 1224. A move beyond either of these zones would be a signal that the bulls or bears had gained the upper hand.
There remains lower support at 1204.7 if prices were to decline below 1224. Any breach of 1204.7 would signal a large degree bearish shift. Alternatively, on any move above 1271.9, the bias would shift to bullish targeting 1293.3 and 1307.8 next.