Gold price has broken the triangle pattern to the downside and pushed towards the next support that I mentioned yesterday at $1,250 where the 38% Fibonacci retracement of the latest rise is found. Gold price remains in an upward sloping channel and next target can be the level of $1,330.
Gold price has broken the $1,272 support and has pushed lower, as expected, towards the 38% retracement. Support at 38% is held and we now test the Ichimoku cloud lower boundaries. Gold price has short-term resistance at $1,275 while short-term support is at $1,250.
Blue lines = trend channel
Gold price on the daily chart has broken the tenkan-sen and is moving towards the kijun-sen and the lower channel boundaries. The short-term support at $1,250 may prove the base for another leg up towards $1,330.
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