Gold price remains in a short-term bullish trend. After pulling back towards the 38% Fibonacci retracement, price is now challenging the major resistance area of $1,350 once again. Another rejection in the $1,340-50 area will lead to a reversal that will most probably push prices towards the major support at $1,300.
Black line- short-term resistance (broken)
Blue line - major resistance
Gold price is trading above $1,335 once again just below the major $1,350 resistance. Price respected the 38% Fibonacci retracement and is rising. This is major resistance area and bulls should not get overconfident. A rejection here will most probably bring prices much lower towards $1,300. Support is very important in that area. Breaking below it will open the way for a move towards $1,200. Breaking above $1,350 will open the way for a longer-term bullish move with targets approaching $1,450-$1,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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