Gold price made a higher high towards our short-term resistance/target at $1,215-20. Gold price will move in a short-term bullish trend as long as the price remains above $1,200. We could possibly see another move higher towards the area around $1,250 if we break above $1,222.
Gold price is trading above the Ichimoku cloud in the 4-hour chart. This is a bullish sign for the short-term trend. Gold is also forming a bullish flag pattern and a breakout to new short-term highs could signal a move towards $1,250.
The weekly chart remains bearish for the longer term. The price remains below the kijun-sen, below the Ichimoku cloud, but has pushed back above the tenkan-sen (red line). This implies that there are moanting chances for a push higher towards the 61.8% retracement and the cloud resistance at $1,250 if we break above $1,222. Support is seen at $1,175 and a break below that level will give me $1,130 as target.
