Gold was weaker on Monday and fell towards $1,180 support. Price remains inside the bearish channel and the short-term trading range. Key resistance at $1,205-11 remains intact and as long as we remain below it, things for bulls will not be good.
Blue lines - short-term trading range
Gold price has been inside this bearish channel for quite some time. Breaking above $1,205-11 resistance area would be a huge break out event. Price then would be expected to move at least towards $1,220-40 area if not higher. On the other hand, if prices fall below $1,180 and stay below it, my bullish scenario would be canceled.
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