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Gold price last week verified the importance of the $1,350-60. As we noted at our previous posts, getting rejected twice at $1,350-60 was a bearish sign, but at the same time this price action confirmed the importance of the resistance at $1,350-60 and a break out above it would be an important bullish sign.
Green line - major support trend line
Gold price has broken above the blue trend line resistance at $1,350-60 and has reached within two days at the $1,400 level. This is an important break out event. Gold bulls are in full control of the trend as long as price is above the blue weekly trend line resistance that was broken. This is now support. Even if we see a pull back towards $1,350 it would be considered as a buying opportunity. Bulls do not want to see the green trend line broken. On the other hand bears took a good beating last week. This break out needs a lot of work to be canceled. There are very slim hopes of this happening in my opinion. Gold price has a confirmed that it has started a new multi-week up trend.
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