Gold price broke above the short-term resistance of $1,319-20. Gold is bouncing as expected. Any pullback towards $1,310 is a buying opportunity targeting $1,330 next. Trend has changed to bullish.
Blue line -long-term resistance
Red line - long-term support
Black line - short-term resistance
Gold price is pulling back as a back test of the broken short-term resistance. Support is at $1,318 and next at $1,312. Resistance is at $1,322.50 and next at $1,332 which is our next target. Gold could be in the making of a longer-term low here, so I prefer to be bullish.
The material has been provided by InstaForex Company - www.instaforex.com
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