Gold price remains in a down trend as it made a new lower low yesterday. Gold price is expected to continue lower as it trades below important resistance level of $1,270. The target is at $1,240 for a short term and $1,000 for a longer term.
Short-term support is found at $1,255 where yesterday's low is. Short-term resistance is found at $1,275-80. Price remains below the Ichimoku cloud in the 4-hour chart. Price is also below the trend line resistance levels while it makes lower lows and lower highs.
The daily chart remains bearish. Gold price is below the important trend line that connects $1,180 and $1,240. This trend line passed from $1,270 which was broken and back tested. Gold price is also below the Ichimoku cloud with all cloud indicators pointing down at least towards $1,240.
The material has been provided by InstaForex Company - www.instaforex.com
