Gold prices rose in the intraday levels, with ongoing positive pressure from the SMA for the last 50 days period, with the dominance of the main upward trend in the medium and short terms along the trend line as shown in the attached chart, while prices touched the pivotal resistance of 1,248.55, bouncing lower as they try to garner positive momentum that would help it rise again and attach this level, while relative power indicators have reached extremely oversold levels.

Therefore we expect more gains to come for the precious metal, especially if it breached the resistance of 1,248.55, targeting thereafter the resistance of 1,282.00.

Trend Bullish