Gold is trading sideways in what seems to be a bullish flag. I expect the gold price to move higher and break short- and medium-term resistances and finally make a move towards $1,200. The bigger triangle pattern remains valid and so we wait for a breakout.
The gold price has marginally reached the 38% retracement and is testing again the resistance at $1,140-42. Breaking above it will turn me bullish targeting $1,200. The price is above the cloud support and is testing the upper triangle boundary.
The gold price remains above the tenkan-sen support and is still inside the triangle. A break above $1,150 and a weekly close above it will open the way towards the cloud resistance at $1,200. I remain bullish as long as this week closes are above the tenkan-sen.
