Gold price remains above short-term support at $1,320-30 but moves sideways as shown in the chart below. A break above $1,342 will give the bullish trend strength to retest the highs at $1,355 or even make new highs near $1,360.
The longer-term trend remains up and Gold price is supported by the trend line and the Ichimoku cloud. Short-term resistance is found at $1,342 and at $1,355. We need to break recent high at $1,342 in order to re-test highs.
Long-term trend remains up but we have reached important resistance levels. Breaking above $1,360 will confirm the longer-term trend and give us a new target near $1,450-$1,500. Bulls need to be very cautious today as volatility in EURUSD after the ECB rate decision is expected to influence Gold price as well.
The material has been provided by InstaForex Company - www.instaforex.com
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