Gold price has held on Friday its support at $1,315 and continued to rise inside the upward sloping channel towards our short-term target of $1,327. Gold price has broken above the important 38% Fibonacci retracement resistance level and if it holds above $1,315, then we should expect to see an upward move towards $1,340-50 this week.
Gold price continues to make higher highs and higher lows. The Ichimoku cloud remains below the price, and the trend remains up. Short-term support is $1,315-20. Short-term resistane is found at $1,330-32. The upward move from $1,275 consists of 9 waves up to now. This number of waves is impulsive. Now we should expect a downward reversal if we assume that the first upward move is complete. The first bearish sell sign will come when the channel is broken. We expect the pullback to reach the Ichimoku cloud near $1,300.
Gold price has moved above the Daily Ichimoku cloud, but it is still too early for conclusions. The 38% Fibonacci retracement is important resistance and we have to wait for a confirmation that this level is broken. Next resistance is the 50% retracement. I expect Gold price to make a pull back and then continue higher towards the 61.8% retracement.
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