Gold price has back tested the broken neckline at $1,180 and I believe we should expect more selling pressures to push Gold price towards at least $1,130. Trend is bearish. Bears are in control as long as price is below $1,210-20.
Red line = resistance
Gold price remains below the red downward sloping trend line resistance and below the Ichimoku cloud. Gold price has also broken the neckline support at $1,180, reached $1,170 and has successfully back tested the breakout level only to be rejected. Gold price is in a short-term downtrend as price is making lower lows and lower highs.
Blue line = support
The weekly chart remains fully bearish and if this week closes below $1,193 we should expect the lows at $1,130 to be challenged. Holding above $1,193 could signal another bounce towards $1,240. However, this scenario has the least chances of success. I prefer to remain bearish as long as we trade below $1,210.
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