Gold is supported by the 1,320 level and after the sideways consolidation in the area of 1,320, it is moving upwards in an impulsive pattern. Prices spiked towards the 61,8% Fibonacci retracement but pulled back right away confirming how strong resistance is at that level. It is expected to move upwards to retest 1,345-50.
The short-term trend is upward and the ladder pattern of higher highs and higher lows confirms our view from 1,300 that prices are most probably going to test 1,375 and maybe reach 1,400. The short-term resistance at 1,345-50 should be broken upwards in order to confirm our view that 1,375 is going to be tested. The short-term support is found at 1,330 and then 1,320.
In the daily chart we observe the sideways corrective move around 1,320-30 and the try bulls make to reach 1,365 where the MA is. Daily support is found at 1,305 and daily resistance is at 1,365-70. Breaking either level before the close will push prices towards 1,270 or 1,400. For the time being we remain slightly bullish.
