Gold Is Bullish

Gold has been consolidating above the support at $1,260 and the resistance at $1,280 which coincides with the (MA)89 indicator on the daily time-frame since the end of October, but that consolidation may have finally ended today, because the precious metal broke out above the aforementioned resistance following the spinning top candlestick it formed on the weekly time-frame at $1,260, which was a good signal for such a move to the upside. The current move to the upside will likely continue and its first target will probably be around $1,300 or even $1,305, which is the previous high. A breakout above that level could lead to a further rally towards $1,315. The long-term target is, of course, the high at $1,357.