While gold is being met with strong resistance on approach of $1,285, we believe it is a matter of time before gold moves higher. There is current resistance from the gold physical market to gold’s quick move from $1,250 to $1,280. The resistance from the physical market (with scrap also coming to the market), may see gold consolidating in the $1,270—$1,280 range for a while.
Ultimately we see gold heading towards our target of $1,300 within the coming weeks. We believe, should gold breach $1,300, the metal could rally higher towards $1,320 on the back of technical buying.
Gold support is at $1,270 and $1,265. Resistance is at $1,285 and $1,295.
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