Gold price reversal from $1,354 to $1,331 could be the entire short-term downward reaction, before bulls come back and push prices higher. The trend remains up as long as Gold price remains above $1,320 with the $1,360-70 target. Gold price continues to fight the 61.8% Fibonacci retracement resistance and that is why it has stuck for so much time in this area. It is a good sign for bulls that we do not see a steep reversal but rather a consolidation near the highs.
The short-term chart as shown above shows how Gold price is supported by both the upward sloping trend line and the Ichimoku cloud. Gold price is expected to make another try higher towards $1,360. Short-term resistance is found at $1.343.
The daily chart shows how Gold price is fighting the important resistance at the 61,8% Fibonacci retracement. A clear break out above this level will open the way towards $1,380-$1,400. We remain bullish and we have $1,320 as stop.
The material has been provided by InstaForex Company - www.instaforex.com
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