Gold Technical Analysis 45

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The gold price has traded in a fairly tight range over the last week and now seems to have found strong resitance at the $1,325 mark which was previously a strong support point just a little over 2 weeks ago which is not a good sign.

There is also a pattern of lower highs which began near the end of January with the most recent being the move upwards in the middle of last week where there was strong rejection and hence the price we have today.

If gold should break down below the current support level of $1316 it will be a bad sign and there may be further losses on the cards.

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