Gold price was pushed towards new lows last week following the better-than-expected US Non-Farm Payrolls. In the previous analysis, I mentioned that gold price had to bounce off the area around $1,120-40 in order to avoid new lows. This did not happen. So, bears are still in control.
Gold price is below the Ichimoku cloud. The price broke through the trend line support and reached its previous lows in the area around $1,080. A trend remains bearish. I would justify a bounce towards the area of $1,120-30, but only as a short-term bounce before the new selling pressures comes to push prices towards $1,060.
Red horizontal line -support of previous low at $1,077.
Gold price remains in a long-term bearish trend as long as it moves below the Ichimoku cloud. The rejection at $1,190 was a sell signal once the price broke below the tenkan-sen (red line indicator). Gold price did not bounce off the blue upward sloping trend-line support, but it broke below it. Gold is now testing a low at $1,077. A short-term bounce could come before a break below that level.
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