Gold price has made an important low in May around $1,301 and we are bullish since then. We expect Gold price to reach $1,330-32 in the short-term and most probably this week before a move towards $1,310 again and the setup for a bigger bounce.
The 161.8% extension of the first leg higher is our short-term target. This is also important short-term resistance. If Gold manages to break above, then we could even make a move towards the next Fibonacci target at $1,350. Support is at $1,301 and as long as the price is above that level, we consider any pullback as a buying opportunity.
The material has been provided by InstaForex Company - www.instaforex.com
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