Gold price has held above support after back testing the Ichimoku cloud and bulls have managed to break above the long-term downward sloping trend line resistance. Gold is most probably heading now towards $1,130-40 for a bigger bounce.
Blue line – long-term resistance trend line
Green lines – broken triangle
Gold price has successfully back tested the Ichimoku cloud support and bounced higher towards new highs above the blue trend line resistance that is valid since the $1,210 level. Gold is in a short-term bullish trend targeting $1,130-40 area.
Blue line – trend line resistance
Gold price on the weekly chart confirms my thoughts expressed in my previous analysis that we should be waiting for a bigger upward bounce towards $1,130-40 at least. The $1,130-40 area is very important for the longer-term outlook for Gold price.
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