Gold price remains supported in the short term. A trend remains bullish with its first short-term target at the resistance level of $1,150. As long as the price trades above $1,120, bulls remain in control of the short-term trend.
Green lines – triangle pattern
Gold price is trading above the Ichimoku cloud and inside the bigger triangle pattern. Strong resistance is found at $1,150 by the upper triangle boundary. Support is seen at $1,120. If it gets broken, we could see a pullback towards $1,100 where the lower triangle boundary is found.
The weekly chart remains supported above the tenkan-sen support (red line indicator). I believe we will test the kijun-sen resistance (yellow-line indicator). A weekly close above the kijun-sen can push the price even towards the cloud at $1,200.The material has been provided by InstaForex Company – www.instaforex.com