Gold price has made no real progress to the upside the past week. Gold price managed to climb back towards the major resistance of $1,490-$1,500 but in the end it got rejected. A bearish sign.
Green line - support trend line
Gold price is challenging the medium-term downward sloping red trend line resistance. Trend remains bearish as price is still below this trend line. Support is at $1,460 where we see the green upward sloping trend line. As long as price holds above this level, bulls still have hopes for a break above the $1,490-$1,500 resistance and a move towards $1,550-$1,600. If price breaks below support we expect $1,430-$1,400 to be seen. Near resistance we prefer to be sellers as the risk reward favors the bearish scenario.
