FX.co ★ Gold technical analysis for January 13, 2015

Gold price has broken above the important resistance at $1,235-38 and is making new trend highs. Short-term trend remains bullish as gold price makes higher highs and higher lows. Target is now at $1,260 as long as the price holds above $1,200.

Gold price has broken the consolidation range last week, and early this week continues to show strength by breaking above important medium-term resistance at $1,238. The target of the bullish flag is at $1,260. Price is above the Ichimoku cloud and as long as the price holds above $1,220-$1,200 bulls should be in control.

The triangle pattern has been broken upwards from yesterdays late trading. Price is above the Ichimoku cloud and tenkan-sen is crossing the kijun-sen. This is another bullish signal that supports my bullish view for an upward move towards $1,260 at least.