The value of an ounce of gold that is moving with a slightly bullish bias but with difficulties. In fact it has not even been able to consolidate above $ 1,300. Currently the perspective is indefinite but a move below $1,277 or above $1,308 could change this.

In the four-hour chart price has run into resistance this week in a bearish line currently crossing at $1,308. A break higher, could push the yellow metal quickly to test the $ 1,315 area; with high probabilities of breaking higher. The next target is $ 1,330.

The other alternative is that the price to move lower. A consolidation under $ 1,277 will open the door to a further decline targeting $ 1,266 and below here the nex comes at $ 1,260.

GOLD (4H) - MAY 16, 2014
GOLD (4H) – MAY 16, 2014