Gold price has broken above the short-term resistance at $1,335 and is now making a higher high above $1,340. We expect this upward move to continue towards $1,360 where the next important resistance level is.
For this uptrend to remain valid, Gold price must remain above the upward sloping blue trend line that coincides with the Ichimoku cloud support at $1,320. Short-term support is found at $1,335 where the breakout started. A pullback towards $1,335 is very possible but it looks like Gold price is heading higher above $1,350.
The daily chart shows how important this area for Gold bulls is. Strong resistance in the area of $1,340-60 where the blue downward sloping trend line is found. The longer-term target for Gold price is now above $1,400. The price target that can be reached is $1,500. We are bullish on Gold as long as it trades above $1,320.
The material has been provided by InstaForex Company - www.instaforex.com
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