Gold price remains inside the bearish short-term channel despite an attempt to move upwards last week to exit the channel. A short-term trend remains bearish as prices have reached our target area of $1,195 plus or minus $5 and reversed. Gold could now be heading towards $1,120 again but bulls could still get another chance at $1,190 or $1,200.
Gold price is trading just above the 38% retracement but inside the cloud and the bearish channel. Resistance is found at $1,180 and support is seen at $1,160. Breaking above $1,180 will push the price to $1,190 and might suggest a new higher high towards $1,200 to complete the move from the previous lows. Breaking below $1,160 will widen the chances that a short-term top is in.
