Gold price hit another new low yesterday. The trend remains bearish in all time frames. I do not believe that the price is going to hold $1,130. Bulls continue to feel weak as they are not strong enough to make a bounce higher. The level of $1,160 is the largest short-term bounce we could see. The short-term trend will change if we break above that level.
Blue line - resistance
Gold price remains below the Ichimoku cloud and below the downward sloping trend line. Bears continue to be in control although we could see a short-term bounce towards $1,155-58. The short-term trend will change if we see a 4-hour candle above $1,160.
The weekly chart remains bearish as this week's candle has broken below the long-term trend line support. I expect more selling pressures to follow over the coming months. I remain bearish Gold.
The material has been provided by InstaForex Company - www.instaforex.com