Gold price remains inside the trading channel. The price could not break above $1,210 and there are signs that we are going to test $1,180 again. Breaking this support will push towards $1,130.
Red lines= resistance at $1,210 and $1,222
Green line = support at $1,180
Gold price has moved back below the Ichimoku cloud. It has short-term resistance at $1,210 where it has made three short-term tops. The trend remains neutral but with a slight bearish note. Gold price is still inside a bigger range. I prefer either to stay neutral and sell on signs of weakness or go short with $1,210 stop.
The weekly chart remains bearish as the price cannot move above the kijun-sen (yellow line) and remains below the Ichimoku cloud. The red line tenkan-sen is going to be tested this week. The tenkan-sen has a negative slope and this is not a good sign for bulls. I believe that breaking below $1,180 will be a sell signal with $1,130 1st target.
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Uitgevoerd door, Analytische expert
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