Gold price continues to trade inside the trading range of $1,300-$1,1317. Medium-term trend remains bullish as long as price is inside the bullish channel and above $1,280-75. After topping at $1,326 ($1,320 was my target) I expected a pullback towards $1,300 minimum. The pullback we got was a sharp move to $1,302 and so far price continues to respect support.
Purple lines – bullish channel
Yellow rectangle- support
Black rectangle- resistance
Gold price is trading between $1,302 and $1,317. A clear break out above resistance will open the way for a move towards $1,326 highs and will most probably break above that level. Our next target is at $1,330-40 area. If support fails to hold at $1,300 we should expect a move towards $1,280. Medium-term trend remains bullish as long as price is inside the bullish channel we show in the Daily chart above.
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