Gold price remains in a short-term bullish trend, and I continue to expect prices to move higher towards the area of $1,120-30. The trend remains bullish as the price is headed towards higher highs and higher lows.
Blue lines – bullish channel
Gold price continues to trade above the Ichimoku cloud and inside an upward sloping channel. Support is found at $1,080, while resistance is seen at $1,110. I continue to expect gold price to reach the upper channel boundary and finish its rise from $1,050.
The weekly chart continues to show that the price remains supported, and while the oversold stochastic is bouncing, we should expect the kijun-sen resistance to be tested this week if not broken upwards. Important weekly support is found at $1,080. A weekly close below this level will open the way to $950.The material has been provided by InstaForex Company –