Gold price remains in a bullish trend despite the pullback from $1,262 to $1,251. The price continues to trade inside the short-term bullish channel. The price reached previous highs and got rejected. The second try at the resistance is expected to break it upwards to new 2017 highs.
Gold is testing short-term support at $1,250. The channel and the tenkan-sen support (red line indicator) is found at $1,250. If this support fails, I would expect Gold to drift lower towards the 4-hour Kumo (cloud) at $1,240-30 area.
Blue line - long-term support
The weekly chart remains fully bullish. The RSI is pointing higher and that the uptrend is not over yet. The price is above the tenkan- and kijun-sen indicators and general price direction points towards a test of the black long-term trend line resistance at $1,300.
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