Gold price has broken above short-term resistance at $1,317 and has given us an important short-term bullish signal, targeting new highs towards $1,330-40 now. Major support is now raised to $1,302 while $1,311 is also very important.
Blue line - major resistance trend line
Yellow rectangle - support
Black rectangle - resistance
Gold price is showing signs of strength and we could see a new higher high towards $1,330 this week. Gold price continues to make higher highs and higher lows and remains inside the bullish channel. Trend has not changed and in the medium-term it remains bullish. This will change on a break below $1,300. This is now a very important support area that bulls need to hold in order to continue towards the long-term blue trend line resistance at $1,350 area.
The material has been provided by InstaForex Company - www.instaforex.com