Gold price is going to down

The bullish tone is likely to persist as long as it holds above $1,272; if the metal drops below the next support might be seen at $1,268 and then $1,262 (Oct low). The area around $1,260 is a key support and a break of that level would signal a continuation to the downside.

Gold again failed to hold on top of $1,280 and also above the 20-day moving average that stands at $1,281. The area around $1,280/83 is becoming a hard barrier to break. A consolidation on top could anticipate a more sustainable recovery ahead. Resistance levels on top might be seen at $1,291 (Oct 20 high) and $1,299 (Sep 22 high).