Gold price is trading above short-term support. This short-term support is at $1,318. Although the short-term trend is neutral, the intermediate-term trend that started at $1,240 remains bullish with increased probability of testing the $1,340-50 area.
Ichimoku cloud supports the short-term trend. Breaking above $1,334 and staying at least for 2 hours above that level will be a bullish signal targeting $1,345-50. If support at $1,318 is broken, we should expect Gold price to move towards $1,310-$1,308 where support is found. Breaking below $1,308 will give us a sell signal with $1,290 as the first target.
Our wave scenario of a sideways triangle still holds and we have yet no sign that wave E is complete. My initial expectation for wave E was for it to end near $1,350. So although the short term is bullish still, my long-term view remains bearish and I look for the right time and price to sell when the expected downward move to new lows starts.
