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Gold was expected to push higher towards $1.433. FOMC meeting minutes yesterday did bring us new momentum up on Gold, which is positive sign for further GBP advancing.
Blue rectangle – Important weekly resistance
Orange rectangle – Resistance became support
Black lines- Upward Pitchfork channel
Gold did breakout of the major resistance at $1.346 and that action did set the bullish tone that we are seeing now. Price has reached and broke the Pitchfork median line and confirmed that Gold has entered into strong bullish environment .RSI and MACD are showing overbought condition but this is due to very strong bulls on the market. As long as the Gold is trading above the level $1.356, we will look for buying signals. Watch for buying on dips with target around $1.433.
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