Gold price broke out and above the triangle pattern I mentioned yesterday and today we see a back test of this breakout. Important support for the medium-term trend is $1,200. So, as long as we are above it, bulls will have the upper hand. A target for the continuation of this uptrend is $1,300, but a breakout below $1,200 will open the way to $1,150-$1,100.
Gold price is back testing the broken triangle upper boundary. The price is also above the Ichimoku cloud and the tenkan- and kijun-sen indicators. Resistance is at $1,233-39. A breakout above this area will open the way to $1,300. Support is critical at $1,205-$1,200, so as long as we are above it, bulls are in control.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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