Gold price has exceeded our expectations. In our last analysis we noted that it would be wise to at least take partial profits after such a big rise in price over the last few days. However Gold price only made an intraday break to the uptrend and is now challenging $1,900.
Green lines - Fibonacci expansion measured move
Gold price could reach $1,960 if this upward move matches in size the last upward move. Trend remains bullish. RSI is overbought but no bearish divergence. Price could pull back towards $1,850 but overall trend we expect to remain bullish for a move above $1,900. This is not the time to go against the trend. Taking profits at current levels and buying again at pull backs is preferred.
