Gold price has held support at $1,147 and is trying to make a breakout above the downward sloping channel. The price has moved above the channel but got rejected at the first short-term resistance at $1,165. Now, the price is testing the break out. Only a break above $1,165 could signal a move higher towards $1,200. The longer-term trend remains bearish.
Orange lines= downward sloping channel
Gold price continues to trade below the Ichimoku cloud. The trend remains bearish. Thre price got rejected at the kijun-sen indicator (yellow line) and did not manage to break above a yesterday's high at $1,165. A break above $1,165 will push Gold price towards $1,180 at least and most probably towards $1,200. If support at $1,147gets broken, it is likely to push price towards $1,130.
The weekly chart remains fully bearish with price approaching the 2014 lows at $1,130 with strong probabilities of breaking below them and pushing towards $1,000. The longer-term trend remains bearish as long as price is below $1,303.
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