Gold price is slowly and steadily turning lower and away from the resistance area and major trend change level of $1,243.50 after topping around $1,230. Gold price has given some bearish divergence signs and according to our plan and expectations is turning lower.
Red rectangle - short-term resistance
Green line - major trend line support
Gold price looks like it has finished the bounce from $1,196 at $1,230. Price should at least pull back towards $1,218 if not $1,210. As I said in previous posts I remain bearish below $1,243.50. If we see price break below the green trend line then the chances of moving below $1,180 will increase dramatically. If price holds above $1,210-$1,200 area then we could see another strong bounce towards $1,240. For now we remain bearish as the bounce is over and we are due for a pull back if not a new downward trend to new lows.
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