Gold price has broken the bearish flag and has reached my minimum target of $1,220. Gold price is now trying to back test the break down area and there are increased chances of rejection and another push lower towards $1,200.
Black line = resistance
Green lines = bearish flag
The bearish flag was broken downwards. Price has reached my target of $1,220, but the trend remains bearish despite the recent bounce to $1,230. The price is below the Ichimoku cloud and below the black trend line resistance. I expect gold prices to be rejected at the short-term resistance of $1,230. I believe that as long as the price is below $1,240, the trend is bearish for the short term.
Gold price has finally reached the 61.8% retracement I was calling for a few days now. The internal price structure tells me that the decline is not over as long as the price is below $1,240. The next target is at $1,200. Breaking below $1,190 will not be a good sign for bulls. I prefer to remain short.
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