Gold price has moved back above $1,300 and bulls have so far recaptured an important short-term resistance level. Gold price is heading towards $1,315 which is our short-term target since last week when bullish divergence signs were given.
Red rectangle - bounce target
Green rectangle - major support area
Blue lines - bullish divergence
Blue rectangle - short-term resistance (broken)
Gold price has broken through short-term resistance confirming our expectations for a push towards the black trend line resistance and our target of $1,315. Gold price continues to make higher highs and higher lows and it is a matter of time to reach the next important resistance area of $1,315-20. Support is found at $1,300-$1,298 area. The RSI has not reached overbought levels yet and we continue to be at least short-term optimistic.
The material has been provided by InstaForex Company - www.instaforex.com
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