Gold short-term trend remains upward. Short-term support is found at 1,328 and at 1,310. Short term resistance is found at 1,343 and 1,375. As long as prices do not make a new high above 1,343, then blue wave count is most possible one. If prices make a new higher high, then red wave count is our favorite and blue count is invalidated.
The red trendline support is important for the short term trend. If prices break it, then we could go short with the 1,339 stop and the 1,310-15 target. Prices, however, could fall further towards 1,300-1,290 if they are making a correction of the entire upward move from 1,250.
This upward break out is not the same as the previous big upward moves, pointed out in the daily chart above. It seems that prices have more chances to continue higher towards 1,350-75 at least. As long as prices trade above 1,328, we remain long with the 1,350 first target. Breaking above resistance at 1,343, then we will have more chances to see 1,350-75.
The material has been provided by InstaForex Company - www.instaforex.com
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