Gold price held its $1,290 support yesterday and is trying to break out above the first short-term important resistance and out of the shorter-term trading range. Gold price has the potential for a move higher towards $1,320-30 over the coming sessions as we have been saying all this time Gold is trading between $1,280-$1,300.
Green line - target
Yellow line -medium-term resistance (broken)
Blue lines -short-term trading range
Magenta lines- medium-term trading range
Gold price has broken above the yellow resistance trend line. Gold price is about to break above the blue trading range. This can give Gold strength for a move above the medium-term trading range and above the resistance of triple top at $1,307. First target is at $1,320 and next at $1,330. I remain bullish on Gold.The material has been provided by InstaForex Company - www.instaforex.com