Gold price made a new short-term high above $1,224 but the upward move did not last. The price is at important weekly resistance levels and it will be hard for bulls to push it higher. Support at $1,212 is important for the short-term trend. I believe we are inside a bearish wedge and the next move Gold price makes will be to the down side towards $1,190.
Red lines = bearish wedge
Blue lines = expected path of Gold price
Gold is above the Ichimoku cloud and has made a higher high relative to the early April high. Support is found at $1,200 and at $1,190. A daily close near $1,230 will be bullish for the next week and a move towards $1,250-60.
On a weekly basis, Gold price is testing the cloud resistance and the kijun-sen indicator resistance (yellow line). Bulls control the short-term trend but will need to show more strength in order to break this resistance area. Important weekly support is found at $1,185.
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