Gold price has broken above the short-term consolidation price range it traded on Monday. Now, above $1,193 it is possible to move towards the 61.8% retracement of the decline from $1,255. This is still considered a corrective bounce of the decline and I still believe the longer-term trend remains bearish with $1,050 as a target.
Black line = support
Gold price is above the Ichimoku cloud. This is a bullish sign. The upward move from $1,145 is near its completion. The possible target is the 61.8% retracement at $1,208. A reversal from the 61.8% retracement is possible but I prefer to wait and see a sign of weakness before going short again.
Blue lines = support
Short-term support levels at $1,185 and $1,182 are critical for the short-term trend. A break below those two levels will be a sign of weakness and that the upward move from $1,145 has finished. I believe we are at the final stages of the upward bounce from $1,130 and that the downtrend will soon resume. Prefer to play it safe and go short only on signs of weakness.
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