Green lines - targets
Magenta lines - trading range 1
Blue lines - trading range 2
Yellow line - medium-term resistance
The gold price has broken above the medium-term resistance but has made no progress. This waiting stance is the result of the waiting stance the entire market participants have taken against the Wednesday FOMC. Even if the gold price breaks lower towards $1,280-70, I would still consider this as a buying opportunity before $1,400 comes.