As we expected, the gold price continues moving higher towards our first target of $1,095-$1,100 where the 38% Fibonacci retracement of the decline from $1,190 is found.
Blue lines - triangle (broken)
The gold price is above the Ichimoku cloud on the 4-hour chart and has already broken above the triangle pattern. The 38% Fibonacci retracement has been reached and bulls should be very cautious now as this is important short-term resistance.
