Gold Price Holds Above Important Resistance At 1272/73

London (Oct 26)  Gold holding above important resistance at 1272/73 is now bullish and as we wrote yesterday, a sustained break above 1276 is a buy signal targeting 1284/85 then strong resistance at 1292/94.

Failure to hold above 1270 however would be more confusing and risks a slide to 1267. This is the last line of defence for bulls. A break below 1264 kills the buy signal and targets 1260/59 then 1255/54.