Gold price has broken above the critical resistance area of $1,290-$1,300 and has not looked back. Anyone standing in its way has been hit hard. Gold price is rising vertically. The signs were there and the confirmation also.
Red rectangle - short-term resistance
Blue rectangle - bounce target and resistance area
Black line - major resistance trend line
Red lines -expected path ahead
Gold price is trading above $1,320 while a couple sessions ago it was still below $1,300. Gold price has broken each resistance level found in its way and even the major resistance level at $1,300. Gold since then has not looked back and continues to rise towards February highs. Gold bulls now focus on the major long-term resistance at $1,350-60 area. Breaking above it would be a very important bullish signal. Rejection at $1,350-60 could mean reversal back to $1,300 or lower. For now bulls seem in control of the trend and ready to challenge $1,350.
