Gold price is showing reversal signs. It is still too early to tell if the pullback towards $1,250 we expect has started or something of a smaller degree. Important level to watch is at $1,277.
If this level is broken, a medium-term top will be in and a correction towards $1,250 will start.
Blue line - support
The weekly candle has broken out of the Kumo (cloud) and this is a very bullish sign. Price is testing important long-term resistance. A pullback towards the weekly cloud is expected before the next leg up that will eventually push price towards $1,400 and higher. I remain longer-term bullish about Gold and I believe bulls will get another opportunity to go long at lower than the current price levels.
