Gold price continued to trade sideways inside the bigger triangle pattern and above support of $1,160. The short-term trend is unclear while the longer-term trend remains bearish. My longer-term view remains bearish targeting $1,000.
Blue lines – triangle pattern
Gold price remains inside the triangle pattern and it shows some signs of weakness as it is trading around the lower boundary. The price remains below the Ichimoku cloud. However, there are still chances for a possible bigger upside bounce towards $1,200. A weekly close below $1,160 will confirm a triangle breakdown.
Blue line- long-term trend line support
The weekly chart remains bearish. This week’s candle has reached a lower low and lower high. The price remains below the tenkan-sen. The blue trend-line support is critical. If it gets broken, we will get a confirmation of a new trend. We will go towards $1,000 in case of a breakout at the support line.
The material has been provided by InstaForex Company – www.instaforex.com