Gold price continues to trade above $1,300 after breaking short-term resistance and is heading towards our $1,315-20 target area. Trend remains bullish.
Red lines - bullish channel
Gold price has made a new higher high as expected after breaking above $1,292. Support is now at $1,300 and resistance at $1,315-20 area. We look for a pull back after reaching $1,315-20 area. Major trend support is at $1,278. Breaking below this level will imply that a major top is in. As long as we trade above this support area we remain in a medium-term bullish trend. This trend could even bring prices towards $1,350-60.
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