The Gold price broke above short-term resistance at $1,350 and tried to reach $1,360 area but was unable. The price pulled back towards $1,350 after reaching $1,355. Gold remains right below the important resistance area of $1,355-65 and bulls will need to convincingly break above it for a move towards and above $1,400 to take place. Until Gold breaks that area, I will remain bearish looking for $1,310-$1,300.
The Gold is trading above the 4hour Ichimoku cloud. The trend is bullish. Short-term support is at $1,347 while the most important level is at $1,333. Resistance is at today's highs but the most important level is at $1,365. Cloud support is at $1,342-46. Break below it and we can see more selling pressures. As long as the Gold price is above the cloud, bulls will remain in control.
