Gold price remains in a bearish trend despite bulls’ attempt to make a bounce higher. Bulls remain weak and can not hit a higher high. A trend is bearish and I believe that once we break below $1,130, we will see a small sell-off towards $1,000. Very important long-term support is found in the area of $1,130-$1,150.
Red line – horizontal resistance
Blue line – downward sloping resistance
Gold price remains below the Ichimoku cloud and the blue trend-line resistance. The redline that was once support is now resistance. The price got rejected in all three resistance indicators confirming that the trend is bearish. Th e short-term trend will change to bullish if we see a break above $1,167. Support is at $1,147.
Blue line – long-term trend line support
The weekly chart remains bearish. This week’s candle confirms the bearish trend for now as it is trying to break below the long-term trend-line support that connects the major lows from last year. The price is below the tenkan- and kijun-sen. I believe that a weekly close below $1,140 will increase selling pressures and finally push ie towards our long-term target at $1,000.
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