Gold price bouncef off $1,170 yesterday. Today it is trading at $1,179, which was short-term resistance yesterday. I remain bearish in the long term. The support at $1,130-$1,140 is expected to be tested soon.
Black lines – bearish channel
Red line – broken support
Gold price remains ina bearish trend inside the downward sloping channel. The price remains below the Ichimoku cloud and broken trend-line support. Short-term resistance by the kijun-sen is at $1,179. Support is at $1,170 and $1,162.
The weekly chart remains fully bearish as gold is trading below the red tenkan-sen indicator. The trend is bearish as the price is below the weekly cloud resistance and blow both the tenkan- and kijun-sen. Critical support is at $1,140-$1,130. If it gets broken, we will see a move towards $1,000.
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