Gold is neutral in the short term. The 200-day moving average is horizontal, which indicates there is no trend. Meanwhile, the RSI moving sideways. Despite a bullish run from sub-1200 levels in mid-March, the rally lost steam as it found strong resistance at the 200-day MA (near the key 1260 level).
Prices briefly breached this key barrier last Friday when they spiked to 1270.77 but were unable to record a daily close above this strong resistance at the 200-day moving average. Gold is back below the key 1260 level.
Immediate support at 1240, which was tested a few times in the past, and acted both as a resistance as well as a support level.
A break above 1260 and the 200-day moving average is needed to shift the bias and bring back the uptrend that started from the mid-December low of 1122.66.
The support area around the 50% Fibonacci (at 1196) is an important support level which if breached to the downside would shift the bullish market structure that was formed from December.
Interested in Gold technicals? Check out the key levels