Gold price made a new short-term lower low yesterday still above $1,290 but did not break above resistance. Price remains under pressure and as long as price is below $1,300-$1,310 there will be a danger of seeing $1,280 or lower again.
Yellow line - medium-term resistance
Green lines - targets
Red lines - extension targets
Purple line- short-term resistance
Gold price did not break out above $1,305 yesterday as expected. This does not cancel my bullish view and expectations for a move towards $1,330. However I do not like the delay. Gold price should soon break above $1,294 (purple lines short-term resistance) and eventually above $1,297-98 medium-term resistance (yellow line). Above $1,310 we have confirmation of our bullish scenario. Until then we are vulnerable to selling pressures.
