The gold price remains inside the bullish channel and bulls still hope for one more new high closer to $1,200. However, a breach below $1,167 will be a sell signal with $1,145-$1,120 as a target. It is time to be cautious and not buying.

Blue lines - bullish channel

Gold price is making higher highs and higher lows. The price is above the Ichimoku cloud and inside the bullish channel. The trend remains bullish and as long as we do not break below $1,167, there are a lot of chances of making a new higher high towards $1,200. Breaking below that support level, the price will be expected to fall further towards even $1,120.

Black lines - long-term wedge

The weekly chart remains bullish as the price continues trading above the Kijun-sen (yellow line) indicator and we are targeting $1,200. Bulls still have many chances of reaching the cloud resistance over the coming weeks. The trend remains bullish.