Gold price is trading inside a bearish channel in the short-term. However, bulls still have slight chances of reversing to a new higher high around $1,200, but I would prefer to stay neutral at these levels.
Red lines - bearish channel
Gold price has entered the Ichimoku cloud in the 4-hour chart. This means that bullish momentum has weakened and trend in the short-term is neutral. Price is above the 38% Fibonacci retracement so bulls still have chances to reach a new high. A breakout above the red channel will confirm this outlook.
Red line - price projection
The weekly chart remains bullish with the price above the kijun-sen (yellow line indicator) support. Gold price could reach another new high closer to $1,200, but bulls should be very cautious as we the top is already be seen. The weekly chart stochastic can move higher and this means that we could finally see the $1,200 print.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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