Gold continued moving higher yesterday towards $1,290 making a higher high. The upside potential is limited, so gold bulls should be very cautious and raise their protective stops. I continue to expect a pullback soon.
Gold is trading inside a bullish channel. The trend is bullish, but the oscillators give bearish divergence signals. This is a warning for the short-term bullish trend. Short-term support is at $1,275-70. Resistance is at $1,290-$1,300.
The weekly chart remains bullish as the price is above the weekly Kumo (cloud). I believe gold will make a pullback soon towards $1,250 and then resume its uptrend towards $1,350-$1,400. The longer-term trend remains bullish as long as the price is above $1,045.
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