Gold price continued with a new lower low yesterday as we expected. The trend remains down. Our short-term target remains at $1,240 while we should not be surprised to see Gold price fall below $1,200 in a sharp move. Bears continue to have the upper hand as Gold price is below previously important support levels of $1,270-75.
In the 4 hour chart, price remains in a clear downtrend. Price is below the Ichimoku cloud with both the kijun- and tenkan-sen pointing lower while the Chiku span also points lower. Support is found at $1,250 and $1,240. I expect these levels to be reached. Resistance is found at $1,274. If broken, we could see a bounce towards $1,285.
The daily chart remains fully bearish with a short-term target of $1,240 and with a bigger target of $1,000. Price is below the important red trend line that comes through $1,180 and $1,240. Price continues to make lower lows and lower highs in the daily chart. The trend will change only if price breaks above $1,295.
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