Gold price continued to perform its pullback on Friday and early Monday as we expected last week. I already warned gold bulls when the price was near its highs that is was time to start a pullback towards $1,200 at least.
Yellow line - long-term resistance
Gold price has broken through the weekly Ichimoku cloud resistance and above the downward sloping wedge giving a long-term bullish signal. Now we should be patient and wait for a pullback and the back test of the breakout. Gold is expected to pull back towards the broken cloud and the upper-wedge boundary level.