24.06.202016:52 Forex Analysis & Reviews: Gold price reaches our first target

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Gold price has reached our first target area around $1,780 as it made a higher high so far today at $1,778. Gold price remains in a bullish trend. There is no sign of a bearish divergence so far. Bulls need to be cautious as a pull back from current levels is justified.

Red lines - 100 extension of first leg up

Gold price has no made a similar upward move with the recent $1,669-$1,743 move. Price remains in bullish trend as long as price is above $1,725. A pull back towards $1,750-45 area is justified and could provide the necessary fuel for the next leg higher towards $1,820-30. The next target according to Fibonacci and the inverted head and shoulders break out is in that area. The RSI is overbought but shows no divergence yet. Any pull back is considered buying opportunity.

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