Gold price remains below resistance levels but still holds the $1,256 lows. The trend remains down with lower highs and lower lows. The short-term trend is neutral and sideways as there is a lot of uncertainty in this area.
Gold price remains below the Ichimoku cloud and below the trend line resistance at $1,275 and $1,280. If resistance is broken, we could see a push towards $1,300. Support is found at $1,256 low. Breaking below that level could push Gold price towards our 1st short-term target of $1,240. In cloud terms, the 4 hour chart remains bearish.
The daily chart of Gold price is also shown above. The Ichimoku cloud continues to give us bearish indications for the future price movement we should expect. Additionally, Gold price remains below the broken red trend line at $1,270. A move towards $1,240-$1,200 is expected as long as price is below $1,295.
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