Gold price is just above the short-term Ichimoku cloud and that is why I give more chances of breaking upwards. If prices break upwards, I expect Gold price to make a top between $1,330-50. This upward move from $1,240 I believe it is the wave E in the larger triangle of wave 4 in my long-term wave count as shown below. This will be canceled if Gold price breaks above $1,391. Trend however remains bullish. Despite my longer-term preferred bearish scenario, I prefer to be neutral or bullish now.
Our longer-term target is near $1,000 or below it. I expect a top to be made near $1,340-50 and that is the level I will look to find a topping or reversal pattern before I go short.
