Gold price has reached the important $1,230-40 resistance area and a pullback is expected from current levels towards $1,220-15. Gold price has most probably made an important low at $1,194 and the next leg upwards has started.
Gold price is trading above the Ichimoku cloud. Trend is now bullish. An important low at $1,194 has been hit. A break below it will open the way for a push towards $1,160-50. As long as we are above $1,194, Gold is bullish looking for a move above $1,300. In the short term, I expect Gold price to pull back towards $1,215.
The Daily candle has broken above the daily kijun-sen resistance. A pull back towards the Kumo (cloud) is expected and highly probable. This is the level I would be comfortable opening new long positions. My expectations for the next few months are to see Gold above $1,400.
