Gold trend remains bullish

Gold is trading at 3 month highs driven by global worries and risks which seems to keep on mounting.

On the chart-
Gold is piling up gains daily making higher highs and higher lows suggesting the price movement is favoring the bulls. The metal is trading in the shaded region which has a low of $1229 (A) acting as a short term support. The intersecting ray-line at $1262 (B) seems to be a bigger resistance than $1248 which is a long term barrier on the chart. The high of the shaded region at $1289 (C) also confirmed by the intersecting ray-line seems as a potential target in coming days/weeks.
On flip side a conclusive breach of $1229 maybe regarded as a break in upward momentum which might send the prices lower towards $1220, in that fails price may test the support of $1208 on the downside.

Overall gold seems bullish with targets of $1248 then $1262 in short term followed by $1289 then $1303 as a long term target.

gold5v1

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