Gold price has bounced above $1,300 towards our first set of targets and short-term resistance levels as expected. As long as the price is above $1,280, we consider any pullback as a buying opportunity. I remain bullish Gold.
Red line - short-term resistance (broken)
Purple line - short-term support
Blue line - bullish divergence
Green lines - targets
Yellow line - medium-term resistance
Gold price has reached the first pair of targets yesterday and was very close to the medium-term resistance trend line at $1,310. A pullback and a break above yesterday's highs will be a very bullish sign. I expect that we could see a pullback towards $1,300 and then another leg higher towards $1,320 at least.