Gold price made a new higher high overnight. Trend remains bullish. Price remains supported. RSI is diverging. Bulls remain in control of the trend.
Gold price has short-term support at $1,316 and resistance at $1,330.50. I'm still bearish but price does not follow my view. Price remains supported above the 4-hour Ichimoku cloud. Bulls remain in control. Although I give very little chances of this move going higher before any considerable correction, price is not falling so far. All oscillators are overbought, turning lower. Price is not. We have to respect price. But if the breakdown occurs, it will be a wild one.
On a weekly basis, the Gold price bounced strongly off the weekly cloud as expected and is heading towards the long-term red trend line resistance. Trend remains bullish and this week's candle is also bullish so far. Only a break below $1,309 would signal a trend reversal in Gold.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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