Gold price remains in a bearish trend. The price can not break above the short-term resistance at $1,150 and is turning lower most probably for a new low towards $1,110. There is still no sign of a reversal and this is not a good sign for my longer-term bullish scenario.
Gold price is making lower lows and lower highs. The price remains inside the bearish channel and below the Ichimoku cloud. Short-term support is at $1,127 and short-term resistance lies at $1,143.
The price remains inside the downward sloping wedge. It is approaching the 78.6% Fibonacci retracement. Oscillators are oversold and diverging. Trend remains bearish. Only a break above $1,150-60 will confirm short-term trend change.
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