Gold price broke out and above the short-term triangle pattern yesterday, then it moved towards our first target around $1,230-40 and reversed. If the price breaks below $1,200, we should expect price to move towards $1,150-60.
Gold price is above the Tenkan- and Kijun-Sen indicators but inside the Kumo (Cloud). Support is at the base of the triangle pattern at $1,200. Resistance is at last night highs. If the highs are taken out, we should expect the price to move towards $1,260-90.
Gold has broken above the downward sloping wedge and the Ichimoku cloud. This week we witnessed a back test of this breakout. The key weekly support is at $1,190-1,200 levels. The price tested support once again and bounced towards previous highs. Oscillators are still not at overbought levels so we could expect more upside.
