Gold price has held above the support level of $1,245 and is challenging resistance at $1,257. Next target is the 38% retracement at $1,264 and after that the 61.8% retracement at $1,277. Price is also challenging the Ichimoku cloud resistance as shown in the 4-hour chart below.
As long as price is above $1,245, there is increased chances of an upward move towards $1,277. This is the next important resistance. Gold bulls want price to break above the Ichimoku cloud and above the 61.8% retracement in order to regain bullish momentum. Short-term trend is currently neutral as price is inside the Ichimoku cloud. This could help bulls raise Gold price towards the important resistance area. On the other hand, bears want Gold price to break again below the Ichimoku cloud in order for short-term trend to become bearish again.
My intermediate-term view favors Gold price will move towards $1,280. If that resistance area is broken upwards, we should expect Gold price to move towards $1,330-40. The longer-term pattern of Gold price is a big sideways triangle. We have most probably seen the lows of that triangle and we are heading towards its final peak before prices plummets towards $1,000.
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