Gold price continues to move sideways below the resistance at $1,245 and above the support at $1,228. I believe that soon this sideways move will end and prices will fall further towards the 61.8% retracement at $1,220 or even towards $1,200.
Green lines = bearish flag
Black line = resistance
Gold is moving sideways between the two green lines that form the flag in this bearish flag pattern. Its bearish flag pattern is slightly different form the one I posted in previous analysis. The price is below the black trend line resistance and below the Ichimoku cloud. As long as we are below the cloud, I remain bearish.
Nothing new on the daily chart as well. The price is below the tenkan-sen and the kijun-sen, which are now very close to giving a bearish cross sell signal with minimum target of the cloud at $1,200. I believe that the downward move is not over and we will at least see a push towards $1,220.
