Gold price continues its short-term bounce but bulls still cannot manage to break above the short-term resistance of $1,165-70. I remain longer-term bearish and expect selling acceleration towards $1,140 to come once we break below $1,155.
Gold price remains below the cloud resistance and below the triangle pattern. The bounce has not managed to moveit above the cloud and got rejected at $1,169. Short-term support is seen at an intraday low of $1,155. If it gets broken I would expect a sharp move back down towards $1,140 to follow.
Blue line- long-term trend line support
The weekly candle remains in favor of bears. Despite bouncing off support at $1,140, the trend remains bearish as the tenkan-sen is above the current price starting to have a negative slope. I remain bearish over the medium and long terms and expect critical support at $1,130 to get broken in order to make the final decline towards $1,000.
The material has been provided by InstaForex Company - www.instaforex.com