Gold price has reversed lower after a weak bounce towards $1,237. The trend remains bearish. Next target is $1,200 if the low at $1,216 is broken. Bulls need to break above the yesterday's highs in order to expect a bounce to $1,250-60.
Black line = resistance
Blue line = support
Gold price has broken the short-term support trend line and is now going to test the recent lows at $1,216. The resistance at $1,245 was not even tested yesterday despite the signs of short-term buying interest. The price remains below the medium-term Ichimoku cloud resistance. I remain bearish expecting a move towards $1,200 at least.
Black line = resistance
Gold price as shown above on the daily chart is showing signs of reversal. Although it bounced off the 61.8% retracement it has not managed to reach the tenkan-sen (red line) resistance. The price remains below the black trend line resistance. The trend remains bearish. If the support at $1,216 is broken, it will give another sell signal with $1,205 as the first target and $1,195 as the second target.
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