The buying strength in Gold has pushed prices above our main price target of $1,320. This target fulfilled our short- and intermediate-term target levels, and we now look for a pullback. Our longer-term view in Gold has now changed a bit. We may first see a move towards $1,400 before resuming downwards towards our longer-term target of $1,140-$1,1100. The double bottom at $1,180 supports the bullish momentum that will push Gold price towards $1,400.
Short-term support is found at $1,315-18 and if broken could push Gold price towards $1,290-80. Short-term resistance is found at $1,335 and we believe that we need to see a corrective pullback as the overbought conditions demand it.
Gold is at a long-term resistance trend line. The first try we expect to be rejected. If Gold price manages to break above it and hold the upward sloping blue trend line, we should expect over the next couple of months for Gold price to reach between $1,400 and $1,500. At that price level, we will reevaluate our long-term target of $1,140.
The material has been provided by InstaForex Company - www.instaforex.com
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