Gold Re-testing breakdown level
Gold corrected towards 1282 post the range breakdown. Currently, it has witnessed a bounce from 1282 and has re-tested the breakdown level. On the way up, the index has multiple resistances at 1305 – 1317 zone. In Friday’s trading session, the yellow metal touched 20 DMA and closed lower. The yellow metal can start its next leg of down move towards 1282 and subsequently towards 1260, if it fails to close above 1317. Traders must keep a close watch as it is trading around the resistance zone. The daily momentum indicator is bullish.
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