Gold price remains in a bearish trend, and we can see lower price levels for sure if we break $1,077. However, we must keep in mind that gold price is also very close to the 50% retracement of an entire rise from 1999 to 2011.
Green line - scenario 1
Blue line - scenario 2
Gold price is trading sideways inside a trading range. Breaking above this trading range will imply that scenario 1 is in play. we expect a bounce towards $1,110-20 and then towards new lows near $1,0340-50. If this trading range is broken downwards then scenario 2 will be in play with a new low near the area of $1,070-60.
Gold price remains in a weekly bearish trend and price is expected to eventually push lower once we break support at $1,077. Price is below the Ichimoku cloud and the tenkan- and kijun-sen indicators.