In the previous analysis, we mentioned that if Gold price made a break above $1,355, we should anticipate uptrend to resume with $1,380-90 target. Gold price remains in uptrend. Short-term support is found at $1,364 and $1,355. Short-term resistance is found at $1,380-90.
The weak dollar and tensions in Ukraine make Gold popular as a safe haven asset and demand rises. The trend is clearly up and bulls will have problems if Gold price falls below $1,340. Ichimoku cloud support is found at $1,340, but I do not expect Gold price to pull back more than $1,355. I expect Gold price to continue higher and continue to make higher highs and higher lows.
The double bottom in Gold daily chart as shown above gives us the target of $1,500-$1,600 now that Gold price has clearly broken above the downward sloping red trend line resistance. We are bullish on Gold and we expect this upward trend to remain strong. Short-term stop for bulls is $1,330. Intermediate-term stop for bulls is $1,290.
