Gold price could not manage yesterday to break above the short-term Ichimoku cloud resistance and has also been rejected right below the downward sloping red trend line resistance. The trend is down and the bearish scenario of a new lower low than $1,268 is gaining more points.
As it can be seen above in the 4 hour chart, Gold price is now moving lower. A break below the Ichimoku cloud at $1,287 will be a bearish sign. Support is found at $1,280 and if broken we should expect the low at $1,268 to be challenged. If the price moves below $1,280, I see increased probability for a new lower low. Stop for short positions should be at the $1,308 level. Breaking above that level will increase the chances of price moving towards $1,330.
The daily chart is showing how the price got rejected at the Ichimoku cloud lower level. This will bring the Gold price back towards the blue support trend line near $1,275-80. A daily close below that trend line will be a bearish sign. Our longer-term view remains bearish.
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