Gold price remains in a bullish short-term trend and has made new higher highs towards $1,170. Price has broken above the weekly support but reached the 61.8% retracement of the decline from $1,225 to $1,1077. I do not see much more upside for Gold price.
Red line – broken resistance
Blue lines – price projection
Gold price has almost reached the target of an equal upward move. Gold price is pulling back towards yesterday highs and I believe that this is the first short-term support. Breaking below $1,150 will push price even lower towards $1,140. Trend support is at $1,110.
Weekly resistance area has been achieved. The bounce target I have been waiting since last week has met its goal. I will now turn Gold neutral as I believe the upside is limited and the chances of a bearish reversal have increased.The material has been provided by InstaForex Company – www.instaforex.com