Gold price remains inside the trading range of $1,222 and $1,180. The trend is neutral. The price moved back again below the Ichimoku cloud as bulls could not push the price higher than $1,209. Now, it remains to be seen if support at $1,180 gets broken.
Red line = horizontal support
Green line = trend line support
Blue line = resistance
Black line = trend line resistance
Now , gold price trades below the Ichimoku cloud in the 4-hour chart. Bulls could not break higher than the intermediate high. This is a sign of weakness. On the other hand, bears still have not shown any sign of strength.
The weekly chart provides us with a full picture of the Gold market. The price is trapped between the kijun- and the tenkan-sen. The rejection and bearish reversal at the 50% retracement is a bad sign. The price could not break the important resistance of the kijun-sen. Now, it is testing support at the tenkan-sen. Overall I remain longer-term bearish.
The material has been provided by InstaForex Company - www.instaforex.com
