Gold price has paused its upward move at $1,315 that is the first important short-term resistance. Trend remains up, but price looks like it is forming a double top. This could mean that a pull back towards $1,300 is very possible. This does not change our short-term bullish view. As long as Gold price trades above $1,275, we expect this upward move to complete near $1,350.
The 4-hour chart shows how price is challenging the red horizontal trend line resistance and how it tries to break above the Ichimoku cloud. The ladder formation is bullish as long as we see higher highs and higher lows. As mentioned yesterday we could have completed 5 waves up. So a pull back is highly possible. Support is found at $1,295-$1,300.
My longer-term view remains unchanged. I expect the upward move to complete above $1,320 or even reach $1,350. Then I will be looking to go short. Short-term trend is up as long as price trades above $1,275. Long-term trend is down as long as price remains below $1,391 and with $1,100 as target.
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