Gold price is testing the short-term cloud resistance after breaking above the short-term downward sloping trend-line resistance. The short-term trend is neutral while the longer-term one remains bearish. My view remains bearish. I would add shorts if the price breaks below the support between $1,130-$1,140.
Red line = trend line resistance
Gold price remains below the Ichimoku cloud resistance but above the red trendline. The price has not hita higher high of $1,204. So, the level of $1,204 is the most important resistance. Support is seen at $1,175 where we saw Gold price bounce yesterday.
Weekly chart remains bearish as the price remains below the tenkan- and kijun-sen indicators and the Ichimoku cloud. As long as the price remains below the red line (tenkan-sen), we should expect bears to be in control. Weekly resistance is seen at $1,197 and then at $1,225, Support is at $1,150.
