Since the beginning of the year the commodity gained more than 11.5% but this past week fell almost 0.5% and is in a bullish phase since late July.
Last week the precious metal went back and forward without any clear direction and closed in the middle of the weekly range, in addition the commodity managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.
Gold made a new high for the year at 1,300.70 however is testing for the third time the highs suggesting that is potentially making a triple top.
The stochastic is showing an overbought market although is still displaying a strong bullish momentum.
Expecting a downward move to a key level at 1,242.30 on a break below the weekly resistance at 1,279.90 (scenario 1) however a bounce from the key level at 1,242.30 may trigger another push upward to the weekly resistance at 1,279.90 (scenario 2).