Gold price remains in a short-term bearish trend and below resistance levels. The weekly chart remains bearish and there are a lot of chances of seeing the price push below $1,100 again as long as we remain below $1,115.
Black line – downward sloping trendline resistance
Blue area – horizontal resistance
Gold price is below the Ichimoku cloud resistance on the 4-hour chart and below the black trendline resistance. The breakdown below $1,115 last week has opened the way for a push below $1,100. I remain bearish in the short term as long as the price is below $1,125. The short-term resistance at $1,115.
The weekly chart remains bearish as the price closed well below the tenkan-sen and with a lower low last week. The price could bounce towards $1,120 where the tenkan-sen resistance is found, but I believe it is more probable to see a test of the recent lows at $1,080-90.The material has been provided by InstaForex Company – www.instaforex.com