Gold price remains above the short-term support level of $1,200 but the weekly trend remains trapped below $1,230 and above $1,180. Gold continues to move sideways but the overall picture is not promising. Unless we see a weekly close above $1,230, bulls should be very cautious.
The short-term chart remains neutral as the price is moving sideways as shown above. The price is slightly below the Ichimoku cloud, something that could tip the balance in favor of the short positions. Resistance is found at $1,216 while support below $1,200 is found at $1,180.
The weekly chart remains bearish as the price remains below the Ichimoku cloud and below the kijun-sen. Support at $1,180 by the tenkan-sen is important. Up to now, we can see gold price to be found at kijun-sen as resistance that cannot be broken. Another rejection here could signal the end of the upward bounce from $1,169. I believe that we will see a break below the important support of $1,130 during the summer.
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