Gold price remains inside the short-term downward sloping channel. A short-term trend remains bearish with a possible target at $1,140. A move towards $1,200 is possible only if price breaks above $1,175.
Orange lines = downward sloping channel
Gold price remains below the Ichimoku cloud and inside the bearish price channel. Resistance is found at $1,175 and support is at $1,140. A trend is bearish as price is making lower lows and lower highs. $1,200 is important intermediate resistance level. Ichimoku cloud indicators point sideways implying that today we may see a pause to the decline as long as we hold above $1,158.
The weekly chart remains fully bearish in all time frames. According to the weekly chart, any upward reversal will find strong resistance at $1,215 where the kijun-sen (yellow line) is found. A longer-term trend remains bearish. Long-term resistance is at $1,250-70.
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