Gold price pulled back towards support yesterday and bounced back towards its highs around $1,300. Trend remains bullish although there are signs of a short-term pause in the up trend. I expect this up trend to continue at least towards $1,320.

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Red line – resistance

Gold price is trading above the Tenkan-Sen (the red line indicator) which is the first important short-term support. Price pulled back towards the Kijun-Sen (the yellow line indicator) yesterday and bounced strongly creating a bullish candlestick pattern. A break above the red line resistance will open the way towards $1,320.

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Blue line – resistance (previous support)

Gold price is now fighting with the blue trend line resistance that was once support. A weekly close above it could open the way higher towards $1,350 where we can fave the long-term trend line resistance from its all time highs. Support is at $1,288 and bulls want a weekly close above it.

The material has been provided by InstaForex Company – www.instaforex.com

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