Gold price has broken the recent high at $1,354 early today and has continued its pattern of higher highs and higher lows. The critical support at $1,330 was tested early this week and bulls showed that they are strong enough to break resistance levels. Trend is up both in short- and intermediate-term. Target is now at $1,390. Gold price has broken clearly of the 61.85 Fibonacci retracement resistance and has managed to hold above support at $1,330-20.
As it can be seen in the chart above, Gold price has not broken below the blue upward sloping trend line and remained also above the Ichimoku cloud support. Gold price has broken the double top resistance and made a new high today. We now expect this upward move to continue towards $1,390 as long as the support at $1,330 does not break.
The Daily chart has not given any sell signal. The Daily chart continues to support that the trend is bullish and we should expect $1,400 to be challenged now that the consolidation between $1,330-$1,350 has ended. First important support is the red upward sloping trend line. This support is now at $1,330. This is our stop.
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