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Gold price could have finished the upside move from $1,308 and could start a correction towards $1,320. Price remains still inside the long-term sideways trading range of $1,300-$1,360 and as long as we are inside this range there will be no clear signal.
Black line - medium-term support
Gold has reached yesterday the upper cloud boundary and got rejected. Price is above both the tenkan- and kijun-sen indicators implying that bulls might still be in control. However for a confirmation of this strength we will need to see a daily close above the cloud. A break out of the trading range will be an important long-term bullish signal. I remain long-term and short-term bullish. Only a break below $1,300 will change my short-term view.
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