Gold price remains trapped inside the trading range of $1,222 and $1,180. I remain neutral as long as the price is inside this range. Gold price has been moving sideways over the last few sessions and there is no clear medium-term direction.
Blue line = resistance
Red line = support
Gold price remains inside the trading range since mid-March as shown in the 4-hour chart above. The price is also trading around the Ichimoku cloud.There is no clear direction. The price is trapped in a sideways range. I prefer to stay neutral.
Gold price in the weekly chart remains trapped between the kijun- and tenkan-sen. The price is below the cloud resistance. The longer-term trend remains bearish. The price is also below the 50% retracement of the decline where it topped 2 weeks ago. Breaking below $1,180 is likely to be a sell signal that will put $1,130 to the test.
