Gold - The Market Confirmed Uptrend

The market confirmed the continuation of the uptrend.

The price broke the main line of the descending price channel and moved higher. After a retracement to the support zone formed by the uptrend line and 1280.00 level, the price bounced and made a good upward movement. We got a breakout above the local swing high and it means that a new swing high will be higher than the previous one. If a new swing low also is higher than the previous swing low, it will give us an additional confirmation of the uptrend. New reversals from the uptrend line can be used for buying in the direction of the primary trend.

The price reached 1300.00 resistance level, and price action here will tell us about further market movements. It will be logical to see the bouncing from this resistance and the downward movement to the uptrend line. Such market movement will be able to provide us a new buy opportunity very quickly.

If the market breaks the resistance level, it will be possible to see the upward movement with a target at 1325.00 resistance level. If so, we will need more time for getting trade opportunities as the price will have to move back to the uptrend line for providing us reversal signals.

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