Gold price is in bullish bias and currently stuck at level of 1237.75 which has became today's resistance. If it is successfully broken, then it will lift gold further with target at 1242.55 - 1245.55. However, stochastic oscillator points downward, provide an opportunity for gold price to be corrected.

Gold price is in bullish bias and currently stuck at level of 1237.75 which has became today's resistance. If it is successfully broken, then it will lift gold further with target at 1242.55 - 1245.55.

However, when viewed from the stochastic oscillator that point downward, there is an opportunity for gold price to be corrected. Therefore, take note of support in the area of 1225.00 - 1229.90 (38.2% - 61.8% of Fibo) to seek confirmation of a buy signal.  But be careful if support level at 1225.00 is successfully penetrated, as this will turn into a bearish bias with potential to suppress gold lower around 1217.25.

ANALISA