Gold price is holding above short-term support but also below short-term resistance. This sideways action is expected to end soon and tonight after the FOMC the latest we should know the direction of the new move we soon expect to start in Gold.
Red line=resistance
Blue line = support
As shown in the 4 hour chart above price is moving mainly sideways holding above the $1,230 short-term support but also below the red trend line short-term resistance. In ichimoku cloud terms, trend remains bearish and we should expect Gold price to move lower soon.
Red line=resistance
Blue line = support
The daily chart above continues to favor bears. Trend is clearly bearish as Gold price makes lower lows and lower highs but also in Ichimoku cloud terms. Daily resistance is found at $1,250 while our next important support is at $1,223 and $1,180. I remain bearish targeting at least a move towards previous lows at $1,180.
