Gold price remains supported by the short-term 38% Fibonacci retracement. The bullish scenario for a visit towards $1,350 is still valid. Price is above the Ichimoku cloud and has paused the decline from $1,322 at the 38% retracement. Any upward bounce should break above $1,322 in order to complete the correction. Any rejection near $1,320 could bring Gold price back towards $1,300.
Gold price could make a pull back towards the 61.8% retracement that is found at $1,295. This coincides with the Ichimoku cloud support. The rise from $1,280 is impulsive. This means that at least one more sequence of 5 waves up should follow that will give a higher high above $1,322.
The daily chart remains bullish. Price is above the Ichimoku cloud support found at $1,300. Price is expected to move sideways for a maximum 2 days and then make a new upward move towards at least $1,330. My main target is $1,350 for the end of wave c of E of 4. Any break below $1,280 is a bearish sign and a stop for bulls.
