The Gold price is trying to break above the sideways consolidation it started yesterday. A short-term trend is up as the upward move from $1,287 looks incomplete. The double bottom near $1,290 may be strong enough to cancel my bearish scenario and push the price above $1,326. However, to make this happen we have a strong test today at $1,310-12.
The Gold price is now testing the 61.8% retracement and the Ichimoku cloud resistance at $1,310-12. Next resistance is at $1,316. Short-term support is found at $1,300. Breaking above $1,315 will increase the chances of breaking to new highs above $1,326 towads $1,350-60. Breaking below $1,300 will increase the chances of making a lower low below $1,287.
On a daily basis, the Gold price is supported and holds above the Ichimoku cloud. Although our preferred scenario is bearish expecting a downward move to $1,000, it is now put to the test. The Gold price has formed an important area of critical lows at $1,287-90. Bulls should feel confident as long as the price is above that area. On the other hand, bears will feel confident if this support area is broken.
The material has been provided by InstaForex Company - www.instaforex.com
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