Gold price remains in a bearish trend below the Ichimoku cloud and below the downward sloping trendline. Short-term resistance is at $1,104, while short-term support is at $1,077. There are increased chances of a bigger bounce towards $1,130 before the resumption of the downtrend towards $1,000 or $980.
Blue line – trendline resistance
Green line – short-term resistance
Gold price is trading below the Ichimoku cloud and below both tenkan-sen and kijun-sen on the 4-hour chart. All indicators remain bearish. If short-term resistance at $1,104 is broken, it will give a bullish signal for a bounce towards $1,130.
Blue line – horizontal support
Red lines – price projection
The weekly chart remains bearish even if we see a bounce towards $1,130, which is very possible in the near term. My longer-term targets remains near and below $1,000 and that is why I remain longer-term bearish.
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