Gold price remains on track of our bullish target near $1,277 where the 61.8% Fibonacci retracement is. Gold price is making higher highs and higher lows. Short-term trend is up. Price is fighting to break out of the Ichimoku cloud. Our first target of $1,264 has been met. I now expect to see Gold price higher as long as it remains above $1,250.
Gold price has paused its rise at the 38% retracement. This short-term resistance should break today because if it doesn't, this will be a sign of weakness. The blue upward sloping trend line is also important support that should hold if bulls want to see Gold approach $1,280.
Our long-term plan remains valid. Gold is slowly but steadily rising towards the Ichimoku cloud resistance at the $1,280-90 area. This is important resistance and I expect Gold price to reach that level. Important support is at $1,240. If broken we should expect Gold price to challenge $1,200 and why not $1,180. For now I remain short-term bullish targeting $1,280 at least. Long-term view remains bearish, expecting a move towards $1,330 and then new lows towards $1,000.
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