Gold price has managed to break above the 61.8% Fibonacci retracement of the decline from $1,300. Next short-term resistance is the 78.6% retracement at $1,288. As I mentioned in my previous analysis, short-term trend is up and it looks like Gold price is heading towards $1,300 after achieving our short-term targets of $1,264 and $1,277.
Gold price is above the Ichimoku cloud and has also broken the 61.8% retracement. Gold price is also trading above the light blue trend line support. The upward trend is expected to continue towards $1,300 at least. Support is found at $1,270. If broken we could then confirm that the upward move from $1,240 is complete and we should expect a back test of the Ichimoku cloud near $1,260.
Gold price in the daily chart is moving as expected by our last analysis. I've been bullish since $1,240 and I was targeting the lower boundaries of the Ichimoku cloud. This is strong resistance and I expect the rise in Gold price to pause at these levels. Breaking above $1,300 will give me $1,330-40 as target. Support at $1,240 is the most important daily level.
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