Gold has rebounded strongly from the rising trendline and reclaimed both the 50-EMA ($4,072) and 100-EMA ($4,066), signalling improving short-term momentum. The current Gold price sits at $4,103. The RSI is well above 60 levels, showing the momentum is positive but not yet overbought.
The trendline resistance for the entire move has been a challenge for the bulls for several times this month. The initial resistance zone starts at $4,139 and follows up at $4,200, then $4,246 levels. On the downside, the first support level is at $4,067, followed at $3,998.
The break above $4,139 zone will keep up the bullish breakout and target up at $4,200 levels. However, the failure below the descending trend line can push the prices back towards the $4,067-$3,998 support zone, before buyers try to bounce again.
