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09.04.2015 09:00 AM
Gold technical analysis for April 9, 2015

Gold price has broken short-term support and looks weak again. As I mentioned on Monday, a fake breakout and rejection of the resistance at $1,222 was not a good sign. There is a strong probability that a reversal will bring the price towards $1,200-$1,190. Gold price has also broken below other technical support indicators, and bears are likely to be back in control in the short-term trend.

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Red line = horizontal support

Blue line = horizontal resistance

Yellow line = trend line support

Gold price was rejected at the blue resistance level and has broken the yellow trend-line. It came closer to break below the Ichimoku cloud. The double top rejection is a reversal sign. Gold is making lower lows and lower highs in the short-term. If we see a daily close below $1,190, the upside bounce is confirmed over.

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The weekly chart is getting every day even more bearish than before. We started on Monday with a gap up but on top of the kijun-sen yellow indicator. The rejection and fake breakout that followed made the weekly candle turn lower and turn red. Things do not look good for bulls.

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