Gold price remains in a sideways neutral short-term trend. Price remains below important short-term resistance of $1,322 and above support at $1,304. Intermediate-term trend remains bullish as long as price is above $1,280 and our target is a move at least towards $1,350 if not $1,390.
Gold price is above the Ichimoku cloud support in the 4 hour chart as shown above. My wave count is still uncertain because it is unclear if we have completed wave c at $1,304 or if we need one more new lower low towards the 61.8% retracement. The impulsive move from $1,240 is an encouraging sign for bulls as this implies that Gold price can push up towards $1,390 if we hold above support at $1,280.
In the daily chart above, I show my two most probable wave scenarios for Gold price. It is crucial for bulls to break above $1,390 in order to be canceled for the bearish wave count. Until then, the possibility we are in wave E of wave 4 is high.
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