Gold remains in an uptrend heading towards $1,280-$1,320 which is our target and long-term resistance. We could see shallow pullbacks towards $1,245 in the short term but I do not expect anything bigger for now. Pullbacks are buying opportunities on the way to $1,280.
Red lines - expected price path
The price is making higher highs and higher lows. The price is trading above the Ichimoku cloud. Trend is bullish. There is no divergence sign from the oscillators yet. The bulls remain in control. Short-term support is at $1,245. Resistance is at $1,280.
Last week's candle broke above the weekly kijun-sen (yellow line indicator). This is a bullish sign. I expect the price to move towards the upper cloud boundary. The extension 100% target of the first leg up from $1,122 to $1,220 implies a move targeting $1,280. The next extension target is at $1,335. Weekly support is now at $1,237.
