Gold – watch out for a break above $1287

4 May 2016

Daily Chart

Resistance - $1287, $1300-1303, $1310

Support - $1280, $1270, $1263

• Gold dipped to $1278 levels before recovering above flag resistance level of 1280 levels.
  

• With daily RSI sitting well above 50.00 and prices comfortably above key support level of $1263, we may see a break above $1287 (daily high).
  

• In such a case, prices may head higher to $1295-1300 area.
  

• On the downside, $1263 stands as a major support.