Gold bulls are making a pause to the upward trend. Gold price is stalling at $1,370. A short-term consolidating pattern is being built, but the trend remains up in all time frames. Bulls continue to have the upper hand. A gold price pull back towards $1,355-60 is very possible in order for the break out level to be back tested.
Short-term support is found at $1,365 and short-term resistance is found at $1,376. Our short-term target is $1,380-90 as long as we trade above $1,340. Trend is up as Gold price remains above the Ichimoku cloud in our 4 hour chart as shown above. The upward move is not too steep in order to be characterised as parabolic and thus too risky. The slope of the rising trend is such that it could sustain this upward move for much more time.
The daily chart continues to support bullish trend. A back test towards $1,355-60 is possible but not necessary. In the daily chart Gold price remains above the Ichimoku cloud support and above the red upward sloping trend line. Intermediate term trend is up with $1,400-$1,450 target.
