Gold daily Chart

The yellow metal is challenging the down trend line at the moment on the daily time frame. Price has gone sideways and a close above the down trend line will take us to next resistance level in the form of the 61.8% Fibonacci level at 1335.4

Good thing for the bulls is that the price is above the 200 ema. A close below the 200 ema will bring the bears into force again.

Above 1335.4 is the 0.764 Fib level at 1372.31. Above that takes us to Supply area or supply zone at around 1390, an area we where we will be looking to short the yellow metal.

~ Ardy