Gold price failed to gain a footing above 50MA overnight triggering a retracement to 1302$. The indicators give a mixed outlook as the RSI has been making lower low lower high whereas we expect an RSI breakout in a day or two.
Moreover, underneath the oscillator is developing an inverse H&S pattern and it just has been turned bullish crossover again. The combination of an RSI breaks out, and a bullish oscillator could push the price initially towards the resistance zone between 1309-1312$ above its higher-end of the descending triangle exists. A trendline breakout could even push the price towards the vital resistance 1325$.
Supports located at 1299$ followed by 1294$ and 1288$.
View: Confidence in the resistance zone breakout above 1312$. Could look impulse if 1309-1311$ are exceeded.
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