Gold price has broken the short-term triangle and pushed to a higher high at $1,325.50 yesterday, but we also saw prices reverse lower back inside the previous consolidation area. Gold price is now trading above the $1,310 support but also looks very fragile and weak.
Gold price despite making a higher high yesterday, showed some divergencies in indicators like RSI. Short-term support is at $1,310 and we should expect a pull back towards $1,290 if that level is broken downwards. Resistance is found at $1,320-25 and if broken we should see Gold price rising to $1,330-40.
Gold price is making wave E of wave 4 triangle. The bounce from $1,240 I believe is not complete and I still believe we can see $1,330-40. However, bulls should be very cautious. We are at the final stages of the wave 4 triangle and a sharp decline towards $1,000-$900 is expected. I will slowly start to focus on the short side as this will be the next big move.
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