Gold Price Fails To Stabilize Below 1238

New York (Apr 27)  Gold failed to stabilize below SMA 20 located at 1238.00, yet it rose the previous session. The ADX shows the emergence of a new upside direction while RSI 14 hovers above the 50 line.

However, the bullish direction would need a breach of 1250.00 on the intraday basis then a daily closing above 1260.00, noting that any failure in these two steps could halt the upside direction. We will be bullish today, but any failure to stabilize above 1250 or 1260 would force us to cancel our bullish direction and prefer neutrality.

Support: 1242.00-1.238.00-1227.00

Resistance: 1250.00-1260.00-1272.00