Gold price continues to trade sideways in the short term and I believe a small triangle pattern is being formed. Support is at $1,147 and resistance at $1,166. Longer-term trend remains bearish with important support at $1,130-40.
Black lines= triangle pattern
Gold price remains below the Ichimoku cloud and is trading sideways in a triangle pattern. This pattern gives a sell signal if $1,147 is broken and a buy signal – if $1,165 is broken. If price breaks lower, I will go short. I will not go long if price breaks resistance at $1,165. I believe this move is likely to be a counter trend move as a part of a corrective bounce. I do not want to go against the longer-term trend, which is bearish.
Blue line = support
Orange lines= bearish channel
An important support at $1,130 is expected to be tested. If it gets broken on a weekly basis, I expect Gold price to continue moving lower towards $900. The long-term trend remains bearish, as the price is below the Ichimoku cloud resistance and still inside the downward sloping channel.
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