Gold prices closed up again with the overall dominance of the main upward trend in the medium and short terms, while trading along the upside trend line as shown in the attached chart, with positive support of the SMA50, making us expect more gains to come for the metal, keeping up this upside momentum after sliding previously and leaning on the pivotal support of 1,211.30.

Therefore we expect gold to rise more to target the pivotal resistance of 1,248.55, at which it formed a previous high in the short term.

Trend Bullish