Gold - Resistance placed at $1248
The precious metal advanced for the fifth straight session yesterday as investor sought for a safe bet against the market volatility and weakness in the US Dollar. As of now, the price is oscillating in a narrow range on the 1H chart between the $1243-48, suggesting at consolidation in the near term. However, the MACD indicator is trading at a higher level in its positive territory, indicating at potential upside momentum in the near term. Key near term resistance is located at the $1248 level, followed by the $1250 and $1252 levels. A sustained break above which might generate further strength in the precious metal. On the other hand, important support is seen at the $1243 level, followed by the $1241 and $1237 where EMA 55 is trading. A move back below the latter might turn the main trend to bearish.