FX.co ★ Gold technical analysis for June 2, 2015

Gold price has bounced towards the short-term resistance at $1,200 as expected and got rejected. The price is below $1,190 again as bulls are not strong enough to break above $1,200. Support still holds the level of $1,180, but I do not believe it will last much longer. Time for a plunge towards $1,130-40 is getting closer.

Red line = support

Gold price reached the cloud resistance and got rejected. The price is trading below the cloud confirming the short-term trend remains bearish. The red trend-line support at $1,185-80 remains intact as price is trading around it. There is no clear break of support yet.

The weekly chart remains bearish as the price got rejected by the tenkan-sen yesterday and is trading below the cloud today. The upward move from $1,140 in 3 waves is corrective. Support is seen at $1,169. If bulls break that level, I will feel very confident about moving towards $1,130.