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In previous posts we warned Gold bears that price had all the technical justifications for a reversal and we also added the bullish signal by the Ichimoku cloud indicator. Gold price is now trading around $1,810 having retraced nearly 50% of the decline from $1,876.
Gold price easily broke above the 38% Fibonacci retracement. Short-term trend is bullish as price is making a sharp move higher with no looking back. Next important resistance level is at the 61.8% retracement level at $1,829. Since Gold price has not made any pull back since the $1,752 low from December 15th, I would not be surprised to see Gold pull back and test the 38% retracement from above.
On a weekly basis Gold price continues to respect the red upward sloping trend line. Price nearly touched the trend line this week. Bouncing off the trend line is a bullish sign. This increases the importance of the recent low at $1,750 area. Any break below this level will be an important bearish signal that could lead price towards $1,400-$1,500.
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