Gold price is challenging important Daily support at $1,333-28. Short-term trend is bearish as price has broken below the 4hour cloud. Gold price has seen multiple rejection at $1,355-65 area and every attempt to break the long-term resistance has been met with selling pressures and price reversals. Bulls continue to hope for a bullish break out to $1,400 as long as we trade above $1,300.
Mgenta line- long-term resistance
Gold price has Daily cloud support at $1,333-28. Break below it and we will test the $1,300 lows from March. The multiple rejections and failed attempts to break above the long-term resistance tell me that we should expect more selling pressures to come for Gold. I remain bearish as long as we are below $1,365. Most bullish traders have their stops placed at $1,300. So a break below that level is expected to give a big push lower to Gold price even towards $1,260.
