Gold price bounced strongly towards $1,190 as expected due to the recent events regarding the Greek referendum. The price reached the resistance levels I expected and should reverse lower. My longer-term view remains bearish.
Blue lines – triangle
Gold price remains inside the triangle pattern and inside the trading range of $1,230-$1,150. Gold price opened with a gap up towards the cloud resistance as we expected last week. Gold price reverses lower after testing resistance. Short-term resistance is seen at $1,190 now and support is at $1,168.
Weekly chart remains bearish. The price remains below cloud resistance and below tenkan- and kijun-sen. Critical support is at $1,150 and important resistance is seen at $1,200-$1,210. The trend is mostly sideways for the last two months and I believe that we will eventually see a break lower.The material has been provided by InstaForex Company – www.instaforex.com