Gold has been trading this week in a descending direction from 1265 levels towards 1245 levels. Trading between 1260 and 1245 could be considered a more bearish indicator and a move towards 1235 levels at the end of the week.
We believe that gold will continue to trade in a sideways direction, descending based on the strength of the news on the USD.
Resistance: 1265 – 1285
The general trend: the long-term trend of gold is a bearish trend, heading towards the 1245 levels and targeting 1235 levels.