Gold price has reached our target of $1,260 and has most probably completed the entire upward move from $1,200. Is this a start of a new uptrend or just a part of a bigger correction that will eventually push prices below $1,200 to complete the corrective period?
Gold price broke out of the Kumo on the 4 hour chart and is testing the long-term resistance at the $1,260-65 area. Rejection at this level is anticipated and a pullback towards the Kumo is very possible. So Gold bulls should be very cautious especially in case price breaks below the short-term support of $1,259.