The current trend in Gold is mixed. Gold price is mainly moving sideways with no clear trend. Gold price has formed a short-term top at $1,330-35 area and is pulling back downwards near support at $1,310-15. This short-term support if broken will push Gold price towards $1,300-$1,290. If Gold price breaks above $1,335, we should expect a sharp rise towards $1,350-60.
Gold price is still above the Ichimoku cloud support and the upward sloping trend lines. Support is found between $1,315 and $1,295. If Gold breaks $1,315, we could say that a normal pull back that will not put the uptrend in danger could push price even towards $1,295. However, if the pullback breaks below $1,295, the up trend that started at $1,240 will most probably be complete.
Today I decided to show also my alternative bullish wave count for Gold price. My preferred wave count is the red one. The blue wave count is my bullish alternative. For now, I believe the red scenario has the most chances of success. In order for the blue scenario to be my first choice I will have to see Gold price break above the red triangle and above $1,391. Next I would like Gold price to break the blue downward sloping trend line resistance at $1,580.
