The Gold remains under pressure and below $1,200. Next time it makes a move above it could be the start of the bounce towards $1,220 we have been waiting. Until then we remain neutral as Gold could continue lower towards the August lows or sideways.
Blue line - short-term resistnace
The Gold's trend remains bearish as price is still below the Daily Kumo (cloud). There is a good chance we see Gold towards $1,220-30 if we break above $1,206. On the other hand, if prices fail to hold above $1,190-80 area we should expect Gold to make new lows towards $1,140-$1,110.
The material has been provided by InstaForex Company - www.instaforex.com