Gold price managed to hold important support at $1,180 and bounced after the weak retail sales announced. Gold price bounced towards $1,200 where short-term resistance is found. Bearish positions and trend are favored as long as we trade below $1,202.
Red lines= resistance levels
Gold price bounced off $1,180 today but could not break inside the Ichimoku cloud. Resistance is found by the cloud and by the intermediate high at $1,200. The short-term trend is bearish. Price below the cloud is a bearish sign.
The weekly chart remains fully bearish since the price is below the Ichimoku cloud and below the kijun-sen (yellow line). Gold price is below resistance at $1,222. Gold price has found support at $1,180, so a break lower would give me another selling signal.
The material has been provided by InstaForex Company - www.instaforex.com
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