The Gold price remains in a bearish trend making lower lows and lower highs. The Gold price is above the $1,240-37 support area and below the Ichimoku cloud in the 4hour chart. As long as Gold is below $1,252 we should expect more downside. Prices are oversold though at current levels and I will not be looking to chase short positions.
Upward sloping blue line - RSI support trend line
The Gold price is below the 4-hour Kumo. Support is at $1,240 and next at $1,235. Resistance is at $1,250 and at $1,253. Above this level, we should expect Gold to push towards $1,260 and next towards $1,272. A break below $1,235-40 area will open the way for a push lower towards $1,220-$1,200.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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