Gold price has broken the short-term support at $1,169 and pushed lower but deeper than expected. This means that the entire upward bounce could very well be over and complete at $1,178 as the decline could be seen as a 5 wave impulsive decline to $1,146. I remain bearish for the longer-term targeting $1,050.
After the decline from $1,178 to $1,146 we should expect a bounce towards $1,158 or towards $1,166. This will be a sell opportunity with $1,178 as stop. Gold price remains in a longer-term downtrend and I look for opportunities to sell.
If however Gold price breaks above $1,178, we should expect the move to reach $1,195 at least if not $1,210. Gold price is below the Ichimoku cloud, the trend remains bearish. Important resistance is found at $1,162 and $1,171. Support is at $1,146 and at $1,130. I remain longer-term bearish looking for selling opportunities. If we bounce to $1,156 or $1,160, I will look to sell with $1,178 as stop.
The material has been provided by InstaForex Company - www.instaforex.com
