Gold price continued moving towards new highs yesterday confirming my expectations. The price is in a bullish trend heading towards $1,200 as I forecasted several days ago. Gold price is expected to make a pullback today, but I would remain bullish looking for an opportunity to take profits soon.
Gold price is trading above the Ichimoku cloud and above the tenkan- (red line indicator) and kijun-sen (yellow line indicator). Gold price may pull back today towards the lower channel boundary near $1,170 but an overall trend is likely to remain bullish.
The weekly chart remains bullish and Gold price is heading towards our target. The Ichimoku cloud at $1,200 is important weekly resistance and I expect the price to pause the rally at that area. I prefer to take profits once we reach the $1,195 plus or minus 5$.
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