FX.co ★ Gold justifies a pull back, but bulls remain in full control of the trend.

Gold price is making new higher highs around $2,049. Trend remains in control by bulls. So far price has reached the 161.8% Fibonacci extension target of the first leg higher. At current levels Gold price justifies a pullback.

Green line - first leg higher

Gold remains in a bullish trend and so far there is no sign of a reversal. Price is making higher highs and higher lows. For a second consecutive week, Gold is making a strong move higher. A new all time high is in the cards and should be expected. As long as Gold is above $1,780, medium-term trend remains bullish.