Gold continues to trade sideways trapped inside a trading range. Gold has no clear trend and up and down swings manage to confuse short-term traders. Short-term traders should better avoid trading Gold until the price breaks out of a trading rang of $1,230-$1,160.
Red line – trend line support
Blue area – resistance area
Yesterday, gold price was rejected at $1,185 again and was pushed lower towards the red trend-line support and below the Ichimoku cloud. The short-term trend remains neutral. A short-term sell signal is expected in case the price breaks below the red trendline. Support is seen at $1,175. Resistance is seen at $1,185-90.
Blue line – weekly support
Weekly chart remains bearish as the price is below the Ichimoku cloud resistance and below the kijun- and tenkan-sen indicators. My longer-term view remains bearish as I believe it is more probable to break $1,130 than above $1,300.
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