Another trading day where Gold price made no real upward or downward move. Gold price remains inside the sideways triangle pattern and a trend remains neutral. As long as Gold price is between $1,220 and $1,180 I prefer to remain neutral.
Blue line = support
Red line = resistance
The downward sloping trend line is the current resistance at $1,220-15 area. Support is seen by the blue horizontal line at $1,184-80 area. Gold price remains inside this trading range still today. Price is also trying to exit the Ichimoku cloud in the 4-hour chart as shown above and this could be a sign of short-term weakness. This sign is canceled if price manages to break above $1,215.
The weekly chart also confirms that a short-term trend is neutral as price is trapped between the kijun-sen and the tenkan-sen indicators. A longer-term trend remains bearish as long as price is below the Ichimoku cloud as shown above. The weekly support is at $1,193 and the weekly resistance is at $1,240.
The material has been provided by InstaForex Company - www.instaforex.com
