Gold price remains vulnerable to a decline towards $1,300-$1,290. Longer-term trend and favorite scenario remains bullish. Gold has rallied from $1,205 non-stop without any big pull back. Maybe this is it before the next leg upwards to $1,450.
On the 4-hour chart, Gold price shows signs of strength bouncing off the Ichimoku cloud support. In our previous analysis, I said that the $1,330-20 area is a buying opportunity. Price is now bouncing off this support and bulls now need to break above the kijun-sen resistance (yellow line indicator) at $1,340. A break below $1,322 will open the way for a move below $1,300.
On the Daily chart, we see Gold price trying to move back above the tenkan-sen (red line indicator). Trend is clearly bullish as price is making higher highs and higher lows. Daily important support for Gold is at $1,308.
