The price may break down the demand level of $1,539 and move towards the demand level of $1,510. In case the support level of $1,539 holds, the price may range to the north to retest the resistance level of $1,591. Gold is bullish on the long-term outlook. There was a sporadic increase in the Gold price on January 08, this sudden increase broke up the resistance level of $1,591 but the Bulls could not sustain the breakout. The price increase was opposed by the Bears thereby push down the price towards the support level of $1,539. Both the bulls’ momentum and the Bears’ pressure became weak and the price started a ranging movement. Gold price remains trading above the 21 periods EMA and 50 periods EMA and it maintains a distance to each other which connotes that the Bulls are still in charge of the Gold market. The price may break down the demand level of $1,539 and move towards the demand level of $1,510. In case the support level of $1,539 holds, the price may range to the north to retest the resistance level of $1,591. The Relative Strength Index period 14 is above 60 levels and the signal lines showing no direction which indicates that consolidation is in progress in the Gold market.