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Gold price is in a short-term uptrend confirmed after breaking above $1,200-$1,205 resistance. The triangle scenario I posted in my analysis yesterday is the most probable outcome if gold manages to hold above $1,200.
Red line = resistance
Blue line = support
The blue short-term support trendline is broken. Price has moved below the Ichimoku cloud. This however is what happens in the 15 minute chart. Breaking below $1,200 will confirm the bearish signs of this chart. On the other hand, a break above $1,218 will be a bullish signal that could push gold price towards $1,240.
In the daily chart, we see gold price above the Ichimoku cloud heading towards the upper triangle boundaries. I expect it to find resistance at $1,235-$1,240. A reversal from that level will strnegthen my triangle scenario. The trend is bullish in the daily chart but the corrective nature of the rise implies that this sideways move since middle October is correction before the longer-term down trend resumes.
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