Gold could see support at $1180
Friday’s bounce petered out below $1240, and so the failure to push on beyond Thursday’s highs raises the prospect that $1200 will be tested again.
If the price moves below this then the next area to watch for gold becomes the rising daily trendline, with support potentially entering around $1180.
Below this the next target is the 200-day simple moving averafe at $1131.
Any bounce must clear $1240 to be in with a chance to test the month’s highs above $1260.