Gold prices kept rising in the intraday levels, with ongoing positive support from the SMA50, as it being affected by a positive technical pattern that formed previously in the short term, the Falling Wedge pattern as shown in the attached chart, while settling above the support of 1,250.50, while noting relative power indicators have reached extremely oversold levels, hinting at more gains to come for the precious metal.

Therefore we expect gold to keep climbing in the coming trading, as long as it settles above 1,250.50, targeting the resistance of 1,277.00 as a price target for that forming technical pattern.

Trend Bullish