Gold price has made a new short-term higher high yesterday above $1,315 and looks strong enough to move higher. Gold price mostly consolidated yesterday forming a bullish flag pattern. Price is above the short-term resistance levels and above the Ichimoku cloud in the 4hour chart.
Short-term trend is up. As long as gold price remains above $1,308, we should expect the pattern to make an upward break out towards $1,330. If support at $1,308 is broken, we should anticipate gold price to pull back towards the Ichimoku cloud at $1,295.
Gold price held above $1,275 on a daily close, and as we mentioned in previous posts, if this happened, we should expect Gold price to challenge $1,331 highs. In the chart above I show my most probable wave count. I believe we are inside wave C and we have lots of room for an upward move towards $1,350-60. As long as we do not see an intraday break of $1,268 or a daily close below $1,275, bulls should feel safe.
The material has been provided by InstaForex Company - www.instaforex.com
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