Gold price did not manage to break above resistance despite yesterday’s short-term upward spike towards $1,160 . The price got rejected and remained below the cloud and trend-line resistance.
Blue line – trend line resistance
Short-term resistance is found at $1,160 by the downward sloping trendline and by the red Ichimoku cloud. Trend remains bearish. Short-term support is found at $1,150-47. If broken we should then test $1,140-30.
Blue line – long-term trend line support
This week’s candle is trying to break below the long-term trend-line support. A weekly close below $1,146 will be a bearish signal for the weeks to come. The price remains in a longer-term bearish trend. Any bounce from this level could push the price towards the tenkan-sen at $1,200. My longer-term view remains bearish.
The material has been provided by InstaForex Company – www.instaforex.com