Gold Price Approaching Crucial Break

XAUUSDH1 23.08.17

Gold prices traded towards $1300 against the US Dollar this week and retreated sharply. It traded down by around $20 to test the $1280 level where it found support.

At the moment, the price is consolidating above the $1280 support area, which held downsides on many occasions. On the upside, there is a crucial resistance forming near $1288 and two bearish trend lines on the hourly chart along with the 100 simple moving average.
Therefore, there is a major resistance at $1288 and important support at $1280. Sooner or later, the price would break either $1288 or $1280 for the next move.

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