Gold price broke down yesterday below the sideways channel and confirmed my view that the entire rise from $1,045 is completed. I believe that over the next couple of weeks, Gold price will fluctuate between $1,270 and $1,100. My strategy is to wait and open long positions when price falls below $1,180.
Price has broken the support channel and it remains below the Kumo (cloud). The short-term trend is bearish. Important high resistance is at the $1,265 level and the $1,260 level. A bounce towards this area of resistance should be a nice shorting opportunity as the entire downward move is expected towards $1,100-$1,150.