Gold price has broken below the lower triangle boundary and has given an important sell signal. Today, we can see a back test of this break-down area. A trend remains bearish and so is my longer-term view. Support at $1,130 is the last defense for bulls. If we break below that level, $1,000 will be my target.
Gold price is below the Ichimoku cloud. Gold is hitting lower lows and lower highs. A bounce towards $1,172-75 is very possible. This is the short-term resistance. Support is at $1,157 and then at $1,130-40.
The weekly chart reached very close to the blue long-term trend line support. If this support trendline gets broken, we should expect a push towards $1,000. Important weekly resistance is at $1,200. I would remain bearish.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.