The Gold price has started the week under pressure retreating from the $1,270 area back towards $1,265. The Gold price remains in a bearish trend. Gold price is expected to bounce at least towards $1,285-$1,295 area once it breaks above $1,273.
Magenta lines - bearish channel
Green line - long-term support
Red line - long-term resistance
The Gold price continues to make lower lows and lower highs. The Gold price is inside the bearish channel and below the Ichimoku cloud. Support is at $1,258 and resistance at $1,273 and next and most important at $1,285-95. I continue to believe that Gold is in a corrective downward move that will eventually reverse higher and start its next leg up to $1,400-$1,450.
