Gold has been advancing it today’s trading, hitting a near one-and-a-half-month high of 1264.79.
The RSI is comfortably in bullish territory at 63 and keeps heading higher, indicating that momentum in the very short-term is positive. The overall bias is also to the upside as the MACD is positive and above the red signal line.
If the price continues climbing, the area around the 1270 handle, a rather congested one in the recent past, could provide resistance. Further up, the June 6 eight-and-a-half-month high of 1295.97 would be eyed for additional resistance.
On the downside, the area around the 1255 handle and current level of the 50-day moving average (MA) at 1250.13 could offer support. The region around 1255 has also been a congested one recently. Further declines would shift the focus to the 200-day MA at 1230.05 for additional support.
Regarding the medium-term outlook, given the considerable sideways movement over the last number of months, it looks predominantly neutral though with a bullish tilt after the recent crossing of the price above both the 50- and 200-day MAs.
Overall, the precious metal looks bullish in the short-term and mostly neutral in the medium-term.
