Gold price remains in a bullish trend. In the short-term price is moving sideways in a tight range between $1,271 and $1,265. There are more chances for an upward break out and an extended to move higher towards $1,295-$1,310.
Short-term support by the kijun-sen (yellow line indicator) is found at $1,257. Cloud support on the 4-hour chart is at $1,252. Only a break below the Kumo (cloud) support would be a signal for a short-term reversal and correction.
Black line -long-term resistance
Blue line – long-term support
The weekly Gold candle is above the weekly Kumo (cloud) but still below the long-term black trend line resistance. I continue to expect that Gold price will eventually break above the black trend line and in the longer-term will move towards $1,500-$1,600.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price remains in a bullish trend. In the short-term price is moving sideways in a tight range between $1,271 and $1,265. There are more chances for an upward break out and an extended to move higher towards $1,295-$1,310.
Short-term support by the kijun-sen (yellow line indicator) is found at $1,257. Cloud support on the 4-hour chart is at $1,252. Only a break below the Kumo (cloud) support would be a signal for a short-term reversal and correction.
Black line -long-term resistance
Blue line – long-term support
The weekly Gold candle is above the weekly Kumo (cloud) but still below the long-term black trend line resistance. I continue to expect that Gold price will eventually break above the black trend line and in the longer-term will move towards $1,500-$1,600.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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