Gold price has bounced from $1,461 to $1,473 while we were expecting price to reach even $1,480. Gold price reversed and has broken below short-term support of $1,460.
Gold price remains in a bearish trend. In all of our last posts we noted that any bounce in Gold price is seen as an opportunity to sell. Gold price reached $1,473 and did not move higher. Price has broken below the Ichimoku cloud and is trading below both the tenkan- and kijun-sen indicators. Trend is bearish as price remains below the cloud and inside the bearish channel. Support is at $1,445 and resistance at $1,474. As long as price is below $1,490-$1,500 we remain bearish looking for a move lower.
