Gold price has not made much progress either to the upside or to the downside. After making a low at $1,271 the upward bounce was weak and price is falling once again but not as strongly as before. The trend is neutral.
The short-term trend remains down as price is below the Ichimoku cloud in the 4 hour chart and still inside the downward sloping channel. Price is making lower highs and lower lows. Support is found at $1,271. If support is broken, next support is at $1,264. Resistance is found at $1,284. If broken, we could see an upward move to $1,300.
Critical support is found at the $1,260-70 area. If our wave count is correct, we should soon start an upward reversal that will bring Gold price towards the $1,340-50 area. However, price is well below the Ichimoku cloud in the daily chart. At $1,295 is the lower end of the Ichimoku cloud. Gold bulls will need to move back above that level in order to have hopes of reaching $1,350.
The material has been provided by InstaForex Company - www.instaforex.com
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