Gold price is making new higher highs in the short-term but remains inside the long-term trading range of $1,350 - $1,300. Big resistance is just above us right now so bulls need to be careful. A rejection in the area of $1,340-50 could bring Gold price back towards $1,320-$1,300.
Blue lines - trading range
Short-term support is at $1,325. Break it and we go back to $1,300. Resistance as said above is now at $1,350. Short-term trend is bullish as long as price is above $1,320.
Magenta line - long-term resistance
Gold price is breaking above the Daily Kumo. This is a bullish sign. Gold is expected to test the long-term resistance trend line at $1,350. Support is at $1,333. A daily close below it will open the way for a push lower towards $1,300. No clear medium-term trend yet as price remains inside the trading range. Bulls need to make a decisive break out above $1,350 for the up trend to continue.
