Gold price has reached our upper target boundary of $1,320 and I prefer to be neutral at current levels as I now expect a pullback at least towards $1,300. Trend remains bullish.
Purple lines – bullish channel
Gold price remains in a bullish trend making higher highs and higher lows. Price is above the Ichimoku cloud and both the tenkan- and kijun-sen indicators. Short-term support is at $1,300. If we start a pullback soon then I expect prices to move towards that area. Channel and cloud support are found at $1,270. As long as we trade above this level bulls will remain in control of the trend. Concluding, although trend remains bullish and there is no sign of reversal, I prefer to take profits and be neutral at current levels. The chances of a pullback at least towards $1,300 are high.
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