Gold price tried to make an early bounce towards $1,165, but was rejected. The price remains inside the downward sloping channel. The short-term trend remains bearish. The longer-term trend also remains bearish as an important weekly top was formed at $1,303. We are probably inside a new downward move that will bring gold price to new lows near $1,000.
Orange lines = downward sloping channel
Gold price remains below the Ichimoku cloud, but early today we see the signs that some bulls are trying to push the price out of the bearish channel. Short-term resistance by the bearish channel is at $1,165; and by the kijun-sen (yellow line), at $1,175. The short-term trend remains bearish. Gold price has short-term support at $1,147. If it is broken, we could see a test of the lows of 2014 at $1,130.
The weekly chart remains bearish. There is no sign of an upward reversal. The first important weekly resistance is at $1,215. Support is at $1,130. Gold price has broken all short-term support levels and is making lower lows and lower highs. The trend is clearly bearish and we should expect a move towards the lows of 2014 to be tested. Most probably, gold price will make new lows in the longer-term towards $1,000.
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