Gold price was unable to break above the consolidation range at $1,305 and is pushing lower. Trend is down. Gold price makes lower lows and lower highs. Important short-term support is found at $1,279-75. Short-term resistance is found at $1,300-$1,305.
Gold price is below Ichimoku cloud and below the blue downward sloping trend line. Bulls want to hold above the green trend line and break firstly above the blue trend line and the red trend line. Bears on the other hand want to break below the green trend line and hold below the red trend line.
Gold price is moving lower with lower lows and lower highs. This move down from $1,331 could the 3rd wave down unfolding. But until $1,275 holds, this could also be wave B down before the final upward corrective wave C that can reach $1,340-50. Our longer-term view remains bearish looking towards $1,100. If $1,275 support fails, then we should expect $1,250-$1,200 to be challenged. If support at $1,275 holds, we could anticipate an upward bounce towards $1,330-40 to unfold.
