Gold price has broken its short-term resistance at $1,284 and gave a short-term buy signal. Price bounced off important support of $1,271 as expected. Bulls need to see a follow through with more signs of strength in order to come closer to our target of $1,350.
Gold price has broken above the 4 hour hart Ichimoku cloud and above the downward sloping green channel. The first positive signal came when Gold price broke above the downward sloping green trend line of the triangle shown above. Short-term resistance is now found at $1,294 and at $1,300. Short-term support is found at $1,278 and at $1,271.
Gold price is bouncing off important support in the daily chart as shown above. This could be the start of the upward move I have been expecting for so long towards $1,350 in order to complete wave E. If support at $1,271 fails, we should abandon the $1,350 scenario and look for a move lower towards $1,200.
