Gold Bouncing off the 1390-1400 barrier

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So far, gold has been unable to get through the first primary resistance 1390-1400 barrier. We pressed higher into this week making the high but then turned back down. Now the two levels forming are 1323 and 1425. A weekly closing back below 1308.00 will signal a resumption of the downtrend. Major monthly resistance stands at 1555-1565 followed by 1617 for the next three months whereas support lies at 1315. a monthly closing below this area will signal new lows ahead. Only a monthly closing above 1617 will signal a breakout to the upside.