Gold price was unable on Friday to break above the medium-term resistance of $1,305 and pulled back below $1,300 towards $1,290. We continue to consider this pull back as a buying opportunity and that Gold will eventually and most probably this week break higher towards $1,310-20.
Yellow line - medium-term resistance
Red lines - extension targets
Green lines - Fibonacci targets
Purple line - short-term support
Short-term support was broken on Friday and that is why we see a deeper pullback in Gold prices. Resistance is at $1,298. A break above this level will increase dramatically the chances of breaking above the triple top at $1,305. If this happens our first target is at $1,310-12 and next at $1,330. I buy pull backs and remain bullish on Gold.
