Gold price has pulled back from the recent highs at $1,324.50 towards $1,315. Short-term trend remains bullish with bulls targeting $1,350-60 area if they manage to retake the $1,333 resistance area.
Green rectangle - major horizontal support area
Blue rectangle - resistance area
Blue line - short-term support trend line
Red rectangle - target if price breaks above the blue rectangle
Gold price has been steadily rising making higher highs and higher lows since August of 2018. Gold price made an important high in February and pulled back towards our $1,300 target and lower. Price bottomed at $1,280 and is now challenging important resistance levels once again. Short-term support is at $1,310. This support if broken will not cancel any bullish scenario for $1,350-60 but will only postpone it. The major support and low at $1,280 is the most important level for bulls. As long as price is above that level the bullish scenario for $1,350-60 is alive. In the short-term there are high chances we see a pull back towards $1,300-$1,290 if we break below $1,310. Resistance is strong at $1,333 area. Bulls need to be cautious now. However there is still no reversal sign or confirmation shown. Trend remains bullish.
The material has been provided by InstaForex Company - www.instaforex.com
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