The gold price is reversing higher from the 50% Fibonacci retracement. The price is making higher highs and higher lows in the short term increasing the chances of a bigger reversal. I remain longer-term bullish on gold, but the possibility of an important low to be seen below $1,200 is still alive.
Short-term support is at $1,209. Short-term resistance is at $1,222. Next important resistance that will confirm the short-term reversal is found at $1,230. Bulls need to break above $1,230 for a sharp push higher towards $1,270. A break below $1,200 will open the way for a push towards $1,170-$1,180.
Gold is at the 50% Fibonacci retracement of the entire rise and at the top of the weekly Ichimoku cloud. Oscillators are oversold and diverging. A reversal in weekly trend will come and
gold is expected to move towards $1,400.
The material has been provided by InstaForex Company – www.instaforex.com
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