With a low at $1,260.93 Gold price has made yesterday a possible reversal daily candle formation. A bullish bias has been formed and if price continues higher today, it will confirm this reversal signal.
Gold price is at a very important buy zone and as I have said, I consider this pullback as a gift for buyers. Gold price is expected in the short-term to move towards the $1,280-85 area which is the first important resistance. A break above this area will be a bullish sign for the next weeks. A weekly close above $1,277 will also be a very bullish reversal sign as the weekly candle will also be forming a bullish hammer. So bulls want to see Friday's close as high as possible in order to be more confident for next week.
