Gold remains in bearish trend in all time frames. Gold price is below the medium-term resistance level of $1,200. Despite a rising EUR/USD, bulls do not seem able to push prices higher. The rejection signals we got over the last month are not good and show us that gold price is likely to fall below $1,130.
Red line = trend line support
Black lines = bearish channel
Gold has broken below the trend-line support from $1,140. It remains inside the downward sloping channel from $1,233 and below the Ichimoku cloud. Short-term resistance is at $1,180 and then at $1,200. Support is at $1,160 and $1,140.
Blue line – support trend line
The weekly chart remains bearish as the price is below both tenkan- and kijun-sen indicators ( red and yellow lines) and also below the weekly cloud area. The price is below the intermediate low hit in May. Although, we might see another bounce towards $1,190-$1,200, the trend remains bearish and I expect $1,130 to be tested soon.
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