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Gold price has reached our target area of $1,250-60. Trend remains bullish. Gold price could see $1,260 or higher today but bulls need to be cautious as this is a strong short-term resistance area. A pullback even for the bullish scenario is justified and highly probable.
Blue lines - bullish channelGold price is trading inside the bullish channel. Trend is clearly bullish in the short term. Support is at $1,247 and resistance at $1,260. Cloud support at $1,230 could be a nice short-term pullback target to confirm break out with a backtest.
On a daily basis, trend remains bearish as price is below the Kumo (cloud) and has not broken above the 61.8% Fibonacci retracement yet. We mentioned in previous posts that a pause in the rise could be seen between $1,250-60 as this is important resistance area.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.