Gold price has broken lower after reaching as high as $1,254. The bullish flag pattern was canceled as price broke below the lower flag boundary and is now testing short-term support at $1,240 area. My longer-term view remains bearish with $1,050 as target.
Blue line= support
Green lines= price channel
Gold price has broken the green upward sloping channel. Gold price remains above critical support of $1,230 and above the Ichimoku cloud. The upward move from $1,181 is corrective. I believe soon we will see resumption of the longer-term downtrend towards $1,100-$1,050.
In the 30 minute chart above Gold price is inside a downward sloping channel. Price is in a bearish short-term trend from its highs at $1,254. Resistance is found at $1,245.If broken we will make a new higher high towards $1,265.
