Red lines- medium-term bearish channel
Blue lines- horizontal support from previous lows
Earlier today Gold price justified a bounce higher from $1,688. Price seemed to respect the 2022 and 2021 lows, but selling pressures increased and Gold bulls could not defend these lows anymore. Gold price is breaking now to new multi year lows. Trend remains bearish in the medium and short-term. There is no indication of a trend change. Price remains inside the bearish channel and previous lows that were once support, are now resistance. With price approaching $1,660 we find the next important support at $1,620.
A few weeks ago we warned traders that the rejection of the candlestick pattern at the cloud resistance at $1,800 was a major bearish signal. In smaller time frames price was getting rejected at cloud resistance or breaking below cloud support levels. We remain bearish from $1,800 and we continue to expect Gold to move to even lower levels over the coming weeks. A break above $1,733 will change our medium-term view. Until then we remain bearish.
