Gold Prices - technical outlook and the next rising bullish price movement
By analysing the chart of gold prices on the global market exchange we find gold formed a series of successive bottoms and a set of consecutive peaks. The price of the ounce of gold has four previous lows since the end of last October, so far and the current bottom is the fifth bottom. It is clear that each bottom is higher than the previous bottom and the price of gold is four consecutive peaks each higher than the previous peak.
Thus, the price of gold is in a bullish trend, but this bullish trend is slow. The price of gold near 1283 levels is testing the bullish trend line in the near term, which is expected to push gold prices higher.
XAU/USD Trading Signals
Buy @ 1283; tp1 @ 1297; tp2 @ 1307; sl @ 1276