Gold price remains above critical support of $1,270-75 but lacks the strength to break above short-term resistance of $1,315. Price has pulled back after trying to move above $1,300. Gold price has moved below Ichimoku cloud again and this is not a good sign for bulls. The only good thing for bulls is the fact that we do not see many sellers pushing the price below $1,275.
Gold price is making a pull back after spiking yesterday at $1,304. This pullback should not break below $1,275. If it breaks below that level, then we should be bearish targeting $1,250-$1,200. As long as support holds, we should be bullish with $1,330 as first target. A conservative trader could wait for Gold to show signs of strength before buying. Such a sign of strength will be the break above $1,305 and could add to long positions when price breaks above $1,315.
As long as we do not see a daily close below $1,275 or an intraday move below $1,268 we remain short-term bullish waiting for wave C to end near the 61.8% retracement.
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