Gold price moved lower to new lows near $1,220 just below our short-term target of $1,230. Price remains in a bearish trend but I prefer to take profits now in order to wait for the bounce to re-sell for the bigger correction target below $1,190.
Blue lines - bearish channel
Gold price remains inside the bearish channel and below the Kumo. The stochastic oscillator is providing our first bullish divergence signals. I could see price move even towards $1,215 but overall I expect a bounce back above $1,230 to be seen soon.
