Gold price has reached our short-term pull back target of $1,300 and is now bouncing. This bounce could unfold into another new wave higher that could bring price towards $1,330 first. A bullish signal will be given when and if price breaks above $1,317.
- Yellow rectangle - support
- Purple lines - bullish channel
The bullish trend remains intact. Price continues making higher highs and higher lows. So far a higher low at $1,302 was made. Support and previous resistance at $1,300 has been respected as price remains above it. This is a bullish sign. Gold price has pulled back nearly $16 but the trend remains bullish. Resistance is at $1,317.
Breaking above it will increase the chances we see a new higher high soon. Our next target is at $1,330 but a longer-term target is at $1,350 as long as we trade above $1,280. In the short-term, I can see price moving sideways for a couple of days and maybe another test of $1,300.