Gold price consolidated for a couple of days after the Friday's spike up to $1,249. Price formed a bullish flag that was falsely broken yesterday and today we see a bullish breakout. Price remains below important long-term resistance of $1,260.
Red lines - bullish flag
Gold price is trading above the Kumo (cloud) in the 4 hour chart confirming bullish trend is intact. Price made a pull back towards $1,235 yesterday but in a corrective formation. Price is rising to new short-term highs in an impulsive structure and this strengthens the bullish scenario that an important low is in at $1,200.