Gold price continues to trade mostly sideways with big up and down swings between $1,220 and $1,150. There is no clear direction in the medium-term while we see a short-term bullish trend forming after making an important low at $1,162.
Red line – support
Grey lines – resistance
Gold price is above the red trend line support and bulls are trying to break above the short-term resistance levels of $1,182-85. Short-term trend is near to reversing to bullish if we break above $1,185. The medium-term trend remains neutral as we remain below $1,230 and above $1,130.
Blue line – long-term support
Gold price remains below the weekly cloud and the weekly kijun- and tenkan-sen indicators. However the critical support at $1,130 is still no tested. We could see another move towards $1,200 where the 1st important resistance is found. If support at $1,160 is broken we should expect the critical support at $1,130 to be tested. My longer-term view remains bearish.
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