Gold price has held its support as noted yesterday and it continues its upward move towards our target of $1,300-$1,320. Gold price remains above the Ichimoku cloud support, continues to make higher highs and higher lows, has not broken any upward sloping trend line support and finally it has broken above its previous important high.
Trend is up in the short-term and we target $1,300-$1,320. Important support for bulls is $1,260 and I will raise my bullish stop to that price level. We could see a back test towards the support around $1,270-65.
The daily chart confirms with a new higher high that trend is up and important support has held so far. Now the support area at $1,240 has become of great importance for the long-term trend. The support at $1,250-60 has become also important for the intermediate- and short-term trend. Our target is the next downward sloping trend line resistance around $1,310-20.
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