Gold price is making new short-term higher highs after back testing the upper triangle break out area. So far price action is bullish as price is making higher highs and higher lows. Gold price is challenging short-term resistance at $1,972 and if broken we should next see a move towards $1,990.
In Ichinoku cloud terms Gold price is in bullish trend breaking above the Daily Kumo once again after confirming support. Price is above both the tenkan-sen and kijun-sen indicators. This is a bullish sign. If and when the tenkan-sen (red line indicator) crosses above the kijun-sen (yellow line indicator) we will have another strong bullish signal. Support remains at $1,940 and next at $1,890 (lower cloud boundary). Gold is breaking out of the triangle pattern we talked about in previous posts and this is also bullish. Bulls must hold above $1,955.
