The gold price continues to trade above the support at $1,200. However, there is no clear sign of strength that could push the price above $1,225. A short-term trend is neutral. As long as the price is above $1,190-$1,200, bulls have hope for a bigger bounce towards $1,250.
Black line = trend line resistance
Now, the Ichimoku cloud is back above the Gold price again. Gold has not managed to reach the 38% retracement of the decline, but I still believe that it may hit that level. The short-term support is at $1,200 and the short-term resistance is at $1,213.
The weekly chart is not good for bulls as the rejection at the kijun-sen (yellow line) is a bearish sign. Support is found at $1,190. If broken bears are in control, we could see a sharp move downwards towards $1,130.
