Gold price is holding above support at $1,275-80. If we look at the medium-term chart, we observe that we are at important support. There are increased chances of rising to $1,330 if we hold above yesterday's lows. Otherwise we will test $1,220.
Red line = support
The 4-hour chart above shows Gold price above the red upward sloping trend line support and above the Ichimoku cloud support. However, Gold price is below the tenkan-sen and the kijun-sen. Short-term resistance is found at $1,298. Breaking above it will increase the chances of rising to $1,330. Breaking below $1,272 will increase the chances for a move towards $1,220.
On the daily chart, Gold price remains above the tenkan-sen indicator (purple line) and looks like it was making a shallow pullback before the resumption of the uptrend towards $1,330. I remain bullish as long as this trading instrument is holding above yesterday's lows. The target is at $1,330. If we break support, I expect the kijun-sen (yellow line) to be tested.
