The gold price remains in a bearish trend and is mainly moving sideways for the last few sessions between $1,120-$1,140. The medium-term trend remains bearish targeting $1,100.
Red lines - bearish channel
Blue line - short-term resistance
Green line - short-term support
The gold price is still inside the short-term bearish channel. The short-term trend will change to bullish on a break above $1,150-60. Intraday resistance is at $1,135 while intraday support is at $1,127.
Gold is trading inside the downward sloping wedge just above the 78.6% Fibonacci retracement. The trend remains bearish. No reversal sign yet. Oscillators are oversold and diverging. I remain long-term bullish on gold expecting a big upside move in 2017.
The material has been provided by InstaForex Company - www.instaforex.com