Gold stuck below $1300
If bulls don’t take charge soon there could be some difficult times ahead for gold. The price has significantly failed to break through descending trendline resistance over the past two weeks, with each push higher turning into a lower high in a downward move from the 25 May high at $1307.
The latest drop now seems set to challenge rising trendline support from the December 2016 low. If this breaks then near-term support at $1290 and $1285 is possible.