Gold price holds above the important short-term bullish trend support level of $1,115. The price bounced towards $1,138, but buyers were not strong enough. Medium-term trend remains bullish with next big resistance at $1,150.
Gold price is above the 61.8% retracement, but below the Ichimoku cloud. Resistance is seen at $1,138-40. Breaking above this level will push the price towards $1,150. Bulls will need to break above the cloud resistance at $1,150.
The weekly chart closed right on the tenkan-sen support level on Friday saving the day for bulls. Bulls gave a bullish signal as the bounce from the support area could push the price towards the recent top at $1,170. The level of $1,200 could be reached only if we break above $1,170. As long as the price is above $1,115, bulls will have the upper hand.
The material has been provided by InstaForex Company – www.instaforex.com