Despite Dollar strength yesterday, Gold remained resilient and above $1,218-20 short-term support. As long as Gold remains above that level I expect a swift upward move towards $1,250 and eventually towards $1,280-$1,300. Gold remains in a bullish trend.
Blue line – support
Red line – resistance
Gold is inside the 4-hour cloud. Short-term trend is neutral. A break above the red downward sloping trendline will put short-term bulls back in control and will most probably push the precious metal towards $1,250. If support is broken at $1,218 the upside is postponed as the price will have to test $1,210-$1,200 support first.
Black line – long-term resistance
Weekly trend remains bullish. The price has stopped at the kijun-sen (yellow line indicator) but eventually I expect it to be broken. It is possible even this week for this to happen.Gold should move towards the black long-term downward sloping trendline resistance near $1,280-$1,300. I remain bullish for Gold.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Despite Dollar strength yesterday, Gold remained resilient and above $1,218-20 short-term support. As long as Gold remains above that level I expect a swift upward move towards $1,250 and eventually towards $1,280-$1,300. Gold remains in a bullish trend.
Blue line – support
Red line – resistance
Gold is inside the 4-hour cloud. Short-term trend is neutral. A break above the red downward sloping trendline will put short-term bulls back in control and will most probably push the precious metal towards $1,250. If support is broken at $1,218 the upside is postponed as the price will have to test $1,210-$1,200 support first.
Black line – long-term resistance
Weekly trend remains bullish. The price has stopped at the kijun-sen (yellow line indicator) but eventually I expect it to be broken. It is possible even this week for this to happen.Gold should move towards the black long-term downward sloping trendline resistance near $1,280-$1,300. I remain bullish for Gold.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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