Gold price was mostly stable last week moving within a narrow price range. Gold ended the week slightly higher than last week while price moved between $1,477 and $1,498. At the end of the week price was just a bit higher than where it opened on Monday. So this is a no event week.

Green lines - bearish channel

Despite Dollar sell off last week, Gold bulls did not manage to recapture the $1,500 level. Price remains inside the bearish channel and as long as we continue to trade below $1,525 I continue to expect price to move closer to the lower green channel boundary near $1,440. Support is at $1,477-74 and resistance at $1,500 and next at $1,525. Any bounce is considered selling opportunity as long as we trade below $1,525.

On a daily basis in ichimoku cloud terms, Gold price is in neutral trend. Price is below the tenkan- and kijun-sen indicator favoring more downside. Resistance is at $1,500 (tenkan- and kijun-sen) and at $1,520-25 (upper cloud boundary). Support is at $1,471 (lower cloud boundary).