Gold price has held support at $1,300 on Friday and has moved higher back towards $1,320. The $1,330 target is now very possible. Gold price remains in a short-term up trend and as long as price is trading above $1,306 we should expect Gold price to reach $1,330-40.
If short-term support at $1,306 is broken we should expect Gold price to pull back towards $1,285 support area as shown in the chart above. The Ichimoku cloud support is found at $1,270. I believe we will soon see $1,330-40 price level.
Gold price is most probably under way of wave E as shown in my wave count above. I expect Gold price to reach a top near $1,330-40 and stop the rise from $1,240. If Gold price continues higher and breaks above $1,391 this will cancel my big sideways triangle scenario.
