Gold price remains in a long-term downtrend in the bearish market, but I believe we are very close to seeing a long-term bottom and a major bullish reversal in Gold. I expect gold prices to reach the area of $1,045 plus or minus $10, but we can easily start the reversal from current levels.
Red line - resistance
Blue lines - bearish channel
Gold price remains inside the bearish channel and below the Ichimoku cloud. The stochastic has turned upwards in the 4-hour chart, and this justifies the short-term bounce from $1,064 we are currently seeing. Resistance is seen at $1,082 and next at $1,100. Only a breakout above $1,100 will confirm a short-term trend change.
The weekly chart remains bearish as the price is below the Ichimoku cloud and below both the tenkan- kijun-sen indicators. Weekly stochastic is entering the oversold area and we should be ready for a bullish reversal over the next two weeks that could push prices towards at least $1,130. Don't forget that Gold price is at the 50% retracement of a rise from 1999.
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