Gold price respected the support at $1,236 and bounced strongly to new higher highs. Trend remains bullish in the short-term at least as long as price is inside the bullish channel making higher highs and higher lows.
Blue line - trend line support
Green line - major support
Gold remains bullish as price broke above the 38% Fibonacci retracement level and is now heading most probably towards the 61.8% Fibonacci level. Support is found at $1,240. Gold bulls are in control of this trend as price is breaking towards new higher highs.
