Gold price has broken below important support at $1,270. Price remains below that level and we expect a push lower to come today. The trend is down. To change price, the trend will need to break above $1,295. The Gold price target is now at $1,240 for the short term and $1,000 for the long term.
Gold is forming a bearish flag in the 4-hour chart. This upward bounce could reach $1,270-75 but I believe more selling pressures will come. Breaking below $1,262 will give another sell signal with $1,245-40 as a short-term target.
In the daily chart as shown above, Gold price remains below the Ichimoku cloud and has also broken the important support trend line coming from $1,180 and $1,240. This could mean that wave 4 is over and wave 5 downmove towards $1,000 has started. Confirmation will come when $1,240 is broken. Short-term trend change will come if price breaks above the downward sloping red trend line which is currently at $1,295.
