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Gold : Next Key Resistance at 1298.29 and 100 day SMA

(XAUUSD : 4 Hour Chart)

Gold is currently testing resistance at 1287.86 and might come down or continue to rise. It tried to cross above the 200 day SMA but didn’t hold for long and fell down but now if the pair pullback previous resistance might act as support which is at 1274.12. In the stochastic oscillator the pair is currently in the overbought zone. However if the commodity continues to rise it will find its next resistance at 1298.29.

On the daily chart, we can see that Gold is trading above the 50 day and 200 day SMA showing a bullish trend. However the 100 day SMA might act as resistance for the commodity which was earlier acting as support. So we might expect Gold to move down from 1298.29.