Gold price remains inside trading range

Gold price has made no real progress today. Price bounced off the trading range support but bulls were not strong enough to break resistance. So far price remains inside a trading range where we prefer to sell near resistance and buy near support.

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Yellow rectangle – resistance

Red rectangle – support

Nothing new for Gold today. Price is trading between our two important areas noted in the 4hour chart above with red and yellow color. Breaking below $1,390-85 will open the way for $1,330-$1,300. Breaking above resistance will open the way for $1,500-$1,525. Simple as that. Until then we trade the trading range with strict stops.

The material has been provided by InstaForex Company – www.instaforex.com