Gold price has reached the 61.8% Fibonacci retracement of the decline from $1,300 per our analysis. I was bullish from $1,240 and confirmed it when price broke out of the sideways triangle at $1,250. Our first target was the 38% retracement at $1,264 and the second target at $1,277 the 61.8% retracement. Both targets are achieved. The trend remains up. Price is above the Ichimoku cloud in the 4-hour chart and above the trend line support.
Strong resistance is found at current levels. I prefer to take some profits at current levels and raise stop for the rest of my position. Stop should at least be the entry level or the Ichimoku cloud at $1,255. The trend line at $1,265 could also be used as a stop. If Gold price breaks above the 61.8% retracement, this will be a good sign that we are heading back again towards $1,300.
The Ichimoku cloud in the daily chart is found at $1,290-$1,295. We could see gold price touching that price level. Breaking above $1,300 will increase the chances of moving towards $1,330 to complete the last wave of the large triangle consolidation before the final move down to $1,000.
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