Gold price is ready for a move higher towards $1,320-$1,330. It is breaking above the medium-term resistance trend line and should rally for at least a few days. I remain bullish on gold.
Purple line - short-term support
Yellow line - medium-term resistance
Green horizontal lines - targets
Gold price is moving above the yellow trend line resistance respecting the purple line support. Gold is making higher highs and higher lows. The precious metal has started a reversal off the $1,280 area where the 61.8% Fibonacci retracement of the rise from $1,236. Gold is expected to move strongly upwards from now on towards our minimum $1,320-30 target area.
