Gold price remains unable to make a strong bounce. Although price remains above critical short-term support at $1,207, the sideways move will soon be over with more chances favoring the bearish scenario for a push lower towards $1,180. Short-term trend is neutral while intermediate- and long-term trend remain bearish.
Blue line= support
Green line = price channel
Gold price remains inside the downward sloping channel and below the Ichimoku cloud. The resistance at $1,220-30 remains intact and so does the support at $1.212 and $1,207. Today or the latest tomorrow I expect Gold price to make a break out. If it breaks support I will prefer short positions targeting $1,180. If resistance breaks, I will remain neutral as this would be a countertrend bounce. I would prefer to wait for the bounce towards $1,240-50 to complete before selling again.
Blue line = support
Red line = resistance
In the 30-minute chart as shown above, the short-term trend line that was upward sloping has been broken. Price is below the Ichimoku cloud and as long as support at $1,212 holds, bulls still have a chance of a break out towards $1,240. I remain longer-term bearish and I believe that short-term traders should only look for selling opportunities and signals.
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