Fed Friday Gold price outlook - reversal on sight?

London (June 23)  Currently, the yellow metal is trading with an upside tone, hinting at positive momentum in the coming session. In addition, a recent signal line crossover from below by the MACD indicator, further affirms the above view. Key resistance to be watched is located at the $1254 level where EMA 200 is trading, followed by the $1257 and $1260 levels.

A sustained break above the latter might lead to bullish momentum in the yellow metal. On the flipside, key technical support is located at the $1249 level where EMA 55 is placed, followed by the $1245 and $1241 levels. If latter fails to hold, it might lead to further acceleration to the downside.

Source: AtoZnews