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Gold price made a new high yesterday but prices soon after pulled back inside near the lows of the day just above $1,262. The trend remains bullish but maybe it is time for a pull back. Our short-term minimum target has been achieved. For gold to break above $1,300 we will need a pull back first.
In the 4-hour chart, as shown above, the price remains above the kijun-sen (yellow line indicator) confirming a bullish short-term trend. Support is at $1,263 and next at the Kumo (cloud) at $1,250. This is our minimum pull back target area.On a daily basis, Gold price has broken above the daily Kumo (cloud) resistance and this is a bullish sign. However, with the RSI (5) at overbought levels, we could expect a pull back towards cloud support for a back test of the breakout. We remain longer-term bullish.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.