Gold price got very close to our first target of $1,300 yesterday. Gold price made a high at $1,296,75 and pulled back lower. We could see a new higher high today towards $1,300, but the form of the rise and the angle prices is rising that makes me believe that we may see soon an important pullback before moving higher towards $1,320.

Short-term support is found at $1,284 and short-term resistance is at $1,300. The trend remains up but Gold price is getting close to important resistance. This means that we should start thinking of taking profits and reducing our bullish exposure to Gold. The daily chart shows how close Gold price has gone to our target. The angle of the rise is very steep and we should expect a day or two of consolidating sideways movement or even a pullback towards $1,250-60 which is important support. Concluding, although the trend remains bullish, we prefer to minimise exposure as a pull back is very possible during the next couple of days.