Gold price continued its upward trend towards our $1,300-$1,320 target. The trend remains up. Gold price makes higher highs and higher lows. Support trend line remains below Gold price confirming bullish trend. Ichimoku cloud in the 4 hour chart remains support. Gold price has reached $1,293 only $7$ away from our target. We believe that there is more upside to be expected.
Short-term resistance is found at $1,299-$1,310. Short-term support is found at $1.277-80. Breaking below support could push prices towards $1,265-60. Important intermediate-term support is $1,250. Intermediate-term resistance is $1,320-30. Breaking above the intermediate-term resistance could open the way towards $1,400.
The daily chart shows clearly how bulls have won the battle at the pivot point of $1,260-50. This is now important long-term support that if broken will open the road to a move towards $1,180. Trend remains up in the daily chart with resistance at $1,300-$1,320. The upward move from $1,180 still does not look impulsive, so this must be a larger degree upward correction. Critical resistance at $1,320-30 could be reversal point. Bulls should raise their stops. Bears shouldn’t have open positions because trend is up and against them.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price continued its upward trend towards our $1,300-$1,320 target. The trend remains up. Gold price makes higher highs and higher lows. Support trend line remains below Gold price confirming bullish trend. Ichimoku cloud in the 4 hour chart remains support. Gold price has reached $1,293 only $7$ away from our target. We believe that there is more upside to be expected.
Short-term resistance is found at $1,299-$1,310. Short-term support is found at $1.277-80. Breaking below support could push prices towards $1,265-60. Important intermediate-term support is $1,250. Intermediate-term resistance is $1,320-30. Breaking above the intermediate-term resistance could open the way towards $1,400.
The daily chart shows clearly how bulls have won the battle at the pivot point of $1,260-50. This is now important long-term support that if broken will open the road to a move towards $1,180. Trend remains up in the daily chart with resistance at $1,300-$1,320. The upward move from $1,180 still does not look impulsive, so this must be a larger degree upward correction. Critical resistance at $1,320-30 could be reversal point. Bulls should raise their stops. Bears shouldn’t have open positions because trend is up and against them.
The material has been provided by InstaForex Company – www.instaforex.com
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