Gold price has reached just below $1,250 and is now trying to make an upward bounce. The trend is down and I expect it to remain down even if price makes a bounce towards $1,280. The current upward bounce is another good sell opportunity in my opinion. Taking profits near $1,240-50 and selling again near $1,280-70 is my preferred strategy.
Gold price is below the Ichimoku cloud and has reached below the 61.8% Fibonacci retracement of the move from $1,180 to $1,391. I expect price to reach at least the 76.4% retracement if not lower. If Gold price breaks support at $1,220-30, we should expect the lows at $1,180 to be challenged. Don't forget my longer-term target is between $1,100 and $1,000.
Gold prce should bounce from the 76.4% retracement in order to continue the building of a longer-term triangle that we expect eventually to be broken downwards to the new lows we expect. Long-term trend change will happen only if Gold price manages to break above $1,400. The maximum upside I believe it can make is around $1,330.
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