Gold price has broken below the trend-line support at $1,185 and is trading around $1,180 now. The price remains in a bearish trend and I believe we should expect a test of the important support at $1,140-30 soon.
Red line = trend line support
Gold price is trading below the Ichimoku cloud and below the upward sloping red trendline. The short-term trend remains bearish. Resistance is found at $1,200. The short-term trend changes above $1,200. The medium- and longer-term trends remain bearish.
The weekly chart remains bearish. This week's candle is below the tenkan-sen and has already reached a lower low relative to last week. The price remains below the cloud resistance and below the kijun-sen. I remain bearish in the longer-term looking for a test of support at $1,130 and a move towards $1,000 once a low at $1,130 is reached.
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