Gold price remains in short-term up trend and inside the upward corrective bounce that started at $1,181. Longer-term trend remains bearish and our longer-term target is now slightly lifted inside the area of $1,150-$1,050.
Red line= resistance
Blue line =support
Gold price remains below the Ichimoku cloud in the daily chart. Gold price is soon expected to make a downward reversal that will eventually break $1,180 and start the final downward move towards $1,150 or $1,050. If the upward bounce continues, we could see Gold price reach the resistance of $1,280 before reversing lower.
Blue lines =support
Gold price is making higher highs and higher lows since last Friday's low near $1,234. This could be the start of the final upward bounce towards $1,260-65 as long as price holds above short-term support of $1,234. Breaking below that support level will push price towards $1,220-15 support area. In general I'm longer-term bearish targeting $1,050.
