Gold rallied on Friday but failed to break above the $1220.90 level. Although bulls had a strong intraday bull run, the yellow metal is likely going to remain under pressure as long as it doesn’t overcome the $1220.90 level. Gold will still be on the defensive against the Dollar as tensions are calming down.
The price is being denied by previous support levels and it continued to respect the trend line represented on the chart. Once it breaks above it, we can see a pick up in the momentum and we can witness the prices touching the $1222 resistance level.
Support: 1205.73 1197.75
Resistance: 1214.15 1217