Gold price made a pullback towards the short-term support at $1,175 yesterday and then another bounce towards resistance of $1,190 took place. The trend remains sideways. Range trading is still available. The overall picture remains bearish.
Red line – support
Blue area- resistance area
Gold price has managed to move above the Ichimoku cloud in the 4-hour chart. Gold is trading above the red trend-line support. Gold price is testing the resistance area from the previous lows hit in May.
Blue line – support
Gold price remains below the Ichimoku cloud and below the kijun- and tenkan-sen indicators. Important support for the longer-term trend is the blue trendline at $1,130-40. A trading range is getting tighter and tighter. I would expect gold to start a new trend and stop this sideways trading soon.
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