In early August gold was affected by the appreciation of the US dollar. The resistance zone around $1364.30 coincided with the fundamentals and proved necessary pressure on the price. But afterwards followed correction and gold now reached the support zone around $1308.93.
The intraday resistance is now located at $1321.88 (38.2% Fibonacci retracement) and the major support is seen at $1307.52.
During yesterday’s session gold dropped to $1308.80, but currently is trading around $1314.
Should the price push above the intraday resistance, the commodity might be seen at $1329.52 (200-day moving average and 61.8% Fibonacci retracement). If pushing downwards below the support located at $1309.10, next bears target is $1300-$1295 zone.