Gold price is trading inside a bullish channel. Price reached a new higher high as we had expected but still it is below $1,400. Price reached the resistance area and we might see a pullback towards $1,260 today. A deeper pullback towards $1,250-45 is also possible but overall trend remains strongly bullish.
Blue lines – bullish channel
In the short term, price remains in a strong uptrend above clouds and tenkan- and kijun-sen indicators. Support is at $1,260 and next, at $1,250. Resistance is at $1,270. I continue to be bullish targeting $1,400.
On the weekly chart, price reached the upper boundary of the expanding triangle and got rejected. A lower weekly low will be a reversal signal for gold price that could bring it even back towards $1,200. So bulls need to be very cautious.The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is trading inside a bullish channel. Price reached a new higher high as we had expected but still it is below $1,400. Price reached the resistance area and we might see a pullback towards $1,260 today. A deeper pullback towards $1,250-45 is also possible but overall trend remains strongly bullish.
Blue lines – bullish channel
In the short term, price remains in a strong uptrend above clouds and tenkan- and kijun-sen indicators. Support is at $1,260 and next, at $1,250. Resistance is at $1,270. I continue to be bullish targeting $1,400.
On the weekly chart, price reached the upper boundary of the expanding triangle and got rejected. A lower weekly low will be a reversal signal for gold price that could bring it even back towards $1,200. So bulls need to be very cautious.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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