Gold price continues to trade just above the $1,262 breakout area. Yesterday we saw a spike towards $1,272 but it was short-lived. This bounce has helped us see clearly the resistance levels ahead which are at $1,272-75 area. As long as we are above $1,247 we look for an immediate bounce towards $1,290-$1,300 at least.
Blue line - resistance
Gold price is trading above the Ichimoku cloud on the 4-hour chart. Price is forming a higher low before the next upward move that is expected to push prices towards $1,300. I remain both short- and long-term bullish Gold.
