Gold price has reached my short-term target of $1,150 and is showing signs of rejection and reversal. This is very important support. In order to be broken, we might need a pullback first. However the pullback should stay above $1,130.
Green lines – triangle
Price is above the Ichimoku cloud and above the Ichimoku indicators (tenkan- kijun-sen). However price got rejected at the upper triangle boundary and we are in danger of seeing a pullback towards the cloud support. This will happen if we break short-term support at $1,140.
On the other hand bulls could need this pullback before their next attempt to break the weekly resistance as shown above at $1,150. The kijun-sen is found in that area, so we should be patient to see where this week’s candle closes. A close between the tenkan- and kijun-sen will be a neutral sign.The material has been provided by InstaForex Company – www.instaforex.com