In our last analysis we expected Gold price to pull back towards $1,300 in order to back test the broken resistance that was support. This is what exactly happened yesterday. Gold price reached our pullback target and made a new higher high. The trend remains up inside the upward sloping channel as shown in the chart below.
Short-term support provided by the bullish channel is now at $1,310. Gold price has clearly broken above the Ichimoku cloud. All signs point to a continuation of the uptrend. If Gold prices break yesterday's lows, we should expect Gold price to challenge the lows at $1,275.
Our longer-term view remains the same. We expect Gold price to make a top near $1,350 and then reverse strongly downwards to make new lows below $1,280 and challenge $1,180. For the short-term, as long as Gold price remains above the recent low at $1,275, we remain long.
The material has been provided by InstaForex Company - www.instaforex.com
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