Gold price is moving higher towards our targeted area of $1,120-30. A trend remains bullish in the short-term, but bulls should start being cautious and raise their stops as we are approaching important resistance levels.
Blue lines - bullish channel
Red line - long-term support
Gold price has reached the 50% retracement of a decline from $1,190. The trend is bullish as the price is breaking above the Ichimoku cloud. The next resistance and possible reversal level is seen at $1,130 where we find the 61.8% Fibonacci retracement.
