Gold price has held above support and continues to make higher lows. Three higher lows so far have brought Gold price in the 4 hour chart inside the Ichimoku cloud area keeping bullish hopes alive. Our target remains $1,350.
Gold price has entered the Ichimoku cloud area where the trend is neutral. After making a low at $1,272, gold price has made three higher lows and is most probably preparing for a new break out. Resistance is found at $1,295. Breaking and closing above that level will be a bullish sign. Support is found at $1,280 and $1,270. Breaking below $1,280 will give us a sell sign that will most probably push price sharply towards $1,270.
The daily chart continues to show how price is hitting the Ichimoku cloud and tries to penetrate it. Support is at $1,270 in the daily chart. Entering the Ichimoku cloud will give Gold price a push towards $1,305 and even a spike towards $1,340-50. As long as Gold price is inside the red triangle, our target will remain at $1,340-50.
The material has been provided by InstaForex Company - www.instaforex.com
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