Gold price remains in bearish trend and is approaching an important longer-term support at $1,180. The weekly rejection at $1,300 puts bears in control of the trend and increase the chances of seeing gold price at new lows below $1,130 as long as we trade below $1,300.
Gold price remains below the Ichimoku cloud on the 4 hour chart and also below the Ichimoku indicators of tenkan and kijun-sen. Short-term resistance is found at $1,209 and short-term support at $1,188. The trend is bearish and I still prefer selling every bounce as long as we trade below the cloud resistance.
Red line = support
The weekly chart has given 2 signs of weakness and the price is now getting close to the important trend line support at $1,180. The bearish trend is strong and I expect this trend line to be broken. If this trend line is not broken, we could see a bounce towards the kijun-sen (yellow line) towards $1,220. On a weekly basis, this is a bearish chart and I expect the price to make new lows.
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