Gold price was bounced higher as expected and reached the Ichimoku cloud resistance. The price has been rejected. The trend remains bearish which meets our longer-term view.
Blue line = trend line support
The weekly chart remains bearish. This week, we have seen an attempt to push the price higher towards the tenkan-sen indicator (red line), but the pair has not reached resistance at $1,200 until now. Support is seen at $1,160 and $1,130 in the weekly chart. A breakout below $1,130 will open the way to $1,000.