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Gold Just Broke June's Rising Trendline Support

Gold has been bullish in June, rising from about 1240.50 to 1284. After finding resistance at 1284 last week, traders faded gold price down to 1259. 

(gold 4H chart, 6/17)

The decline broke below a rising trendline that held June's bullish price action. However, it found support at a support/resistance area around 1260. Also note that the 4H RSI held above 40, which reflects maintenance of the bullish momentum. Holding above 1260 also respects the price bottom formed at the end of May, beginning of June.

There could still be some near-term upside risk toward 1290-1300, but as long as price is below 1300, gold remains bearish and has downside at least back toward the 1240.50 level. 

(gold daily chart 6/17)

In the daily chart, you can see that price is still bearish as it trades under the moving averages (200, 100, 50), and below the falling trendline from April.