Gold remains supported inside the bullish channel boundaries and this implies that at least one more new higher high should be hit. The target area remains around $1,300-$1,320, but this does not mean that we could see a top at lower levels. We are now at the final stage of a rise from $1,045.
Gold price found support at $1,260-50 in the short-term and at $1,225 in the medium-term. Long-term support at a low of $1,045 last year. Gold is moving higher in an impulsive pattern. A new high is expected over the coming days.
Yellow line - long-term resistance
The price remains well above the downward sloping wedge and the Kumo (cloud) support that was resistance. The price continues to move higher in a bullish short-term trend. However, the entire formation tells me that this upward reversal is a longer-term bullish reversal and that after the upcoming pullback towards $1,200-$1,100 we should be buyers again.
