The price made a pullback late last week but prices bounced back up towards the first short-term resistance at $1,235. Gold remains resilient despite the Dollar strength of the last few sessions. This implies strength in Gold. Gold is in a medium-term uptrend targeting $1,280-$1,320 over the next month.
Blue line - support
The price is trading around $1,235. Short-term resistance is at $1,235-37. Short-term support is at $1,220. The price is trying to break above the short-term Ichimoku cloud. The price is in a correction phase that could push even lower towards $1,200-10 if $1,220 is broken. On the other hand, a break above $1,237 and $1,245 will imply that the bullish trend is back in force and we should expect a move towards $1,280-$1,320.
The price stopped the rise for a while at the weekly kijun-sen (yellow line indicator). A break above it will confirm the medium-term targets of $1,280-$1,320 I have and it increases the chances of achieving them. In the long term I am bullish for Gold.
The material has been provided by InstaForex Company - www.instaforex.com
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