Gold price has broken through short-term resistance and is now looking for a move higher towards $1,250-60 if the major resistance and October highs are broken. So far price action has respected support levels and bulls remain in control.
Green line -trend line support
Gold price has held above the critical short-term trend line support and has started making higher highs and higher lows again. Price is now testing the 38% long-term Fibonacci level and October highs. Breaking above this level opens the way for a move towards the 61.8% Fibonacci retracement but our first targets are at $1,250-60. Support is now found at $1,216-20 area and as long as price is above that level, bulls will remain in control of the trend.
