Source: Forex Analysis
Gold price is making higher highs and higher lows. The rice is challenging short-term cloud resistance at $1,334 as we expected. Today’s inflation data announcement will play a decisive role on what Gold will do next. Break out and/or get rejected?
Black line – resistance trend line
Gold price has broken above the black trend line and is challenging the 4 hour Kumo (clodu) resistance. A 4 hour close above the cloud would be a bullish sign. Support is at $1,328, the next and the most important one is at $1,321. As long as Gold price is above that level, bulls are in control.
On a daily basis, Gold price has closed above the tenkan-sen and is challenging the kijun-sen at $1,334. A rejection here will push the price towards the cloud support at $1,300-$1,290. A daily close above the kijun-sen will be a bullish sign and will give us a target of $1,380.The material has been provided by InstaForex Company – www.instaforex.com