Gold Bulls Don't Want To See $1225 Support Broken
Alexandros Yfantis | Feb 21, 2017 06:25AM ET
Gold price remains above critical support and below short-term resistance. On a break above $1,240-45 I expect a minimum target of $1,280 to be achieved if not at $1,320. Trend remains bullish.
Black line - resistance
Blue line - support
Gold continues to trade above the Ichimoku cloud and above the trend line support. Resistance is at $1,240-45. Breaking it will be a bullish short-term signal. Trend remains bullish despite the short-term consolidation. Bulls do not want to see support at $1,225 broken.
Gold price is trading above the Ichimoku cloud on a daily basis. This confirms bullish trend on a daily level. If gold price manages to break to new short-term highs our target would be an equal leg up at a minimum at $1,280. If the upward move gets extended by 1.618% we should expect $1,320 to be reached.
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