Gold price has broken to new lows yesterday as support at $1,230 was broken. Gold price moved below $1,220 as the trend remains bearish as I have been pointing out in the previous analysis. The intermediate-term target is $1,200-$1,180. The longer-term target is $1,000.
Red line = resistance
Blue line = support
Green line = channel
Gold price remains inside the green downward sloping channel. It has broken the short-term support at $1,230 and is making a lower low. The trend remains bearish. The ichimoku cloud indicators as yeterday remain bearish pointing lower towards $1,200.
Red line = resistance
The short-term chart remains bearish. However, we could see a back test of the previous support at $1,230. If Gold price breaks above $1,225 it could push towards $1,230 for the back test of the broken support. The trend is however still bearish as long as price is below $1,243.
