Gold made a new low today at 1,291 confirming our bearish view. The trend remains downward. Prices continue to trade within the downward sloping channel. Our view and wave count remain bearish with target at the 1,280-70 level. The impulsive downward wave that started at 1,433 will soon be complete so bears will have to tighten their stops. However, we still believe that this downward wave could complete near 1270.

The daily chart shows clearly that support is broken and that the trend is downward as lower lows and lower highs are being formed. Support is found at 1,292 and at 1,280. Resistance is found at 1,315 and at 1,325.

Prices continue to trade within the downward sloping channel. Our wave count is depicted in the chart above. We expect new lower lows in order to complete the wave pattern from 1,433. Concluding, we remain bearish with 1,335 stop. First buy target is at 1,285.