Gold price continues to trade around $1,262 just below our first target of $1,264 where the 38% retracement of the decline from $1,300 is. Gold price is fighting the Ichimoku cloud resistance in the 4 hour chart as shown below. Since price is inside the cloud, trend is neutral. However we remain long and bullish since the triangle's breakout of $1,250.
Gold price is trying to move out and above the Ichimoku cloud. Short-term resistance is found at $1,270 and $1,277. These are the 50% and 61.8% Fibonacci retracements respectively. Breakig above both resistance levels, we should anticipate to see $1,300 or even $1,330.
Our short-term view has been bullish while Gold price was holding above $1,240. Our target is $1,277-80. In the daily chart this is where strong resistance is found by the Ichimoku cloud. Breaking above it will push price towards $1,330. Longer-term view remains bearish. We believe that Gold price is forming a bigger triangle and that we are now at its final upward leg before the sharp decline to end near $1,000.
The material has been provided by InstaForex Company - www.instaforex.com
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