Gold price after reaching $1,285 (just 3 dollars away from my $1,288 target) has pulled back downwards breaking short-term support. Gold price is currently trading below $1,270 and this weakness sign means that the upward move from $1,240 is over and bulls should be very cautious.
The trend line support has been broken. Gold price is heading towards the Ichimoku cloud support at $1,250-55. If the Ichimoku cloud holds the decline, we could try another new long position near $1,250-55 with the $1,240 stop.
My longer-term view is shown in the chart above. I believe we are currently in a big sideways triangle that could bring us back up to $1,330. However, I'm not that sure that the low at $1,240 is the bottom of wave D. There are still increased chances that the wave D low is made near $1,200 or below it. As long as price is above $1,240 I remain bullish.
