Gold price has broken out to new highs yesterday but made a very bearish reversal move towards $1,270 support. Price holds support for now but only a weekly close above $1,310 will negate the bearish reversal from $1,338.
Gold price is still trading above the red trend line support. A break below the red trend line will open the way for a push towards $1,200-$1,180. Resistance is at $1,295 and next at $1,310. Yesterday's spike and reversal is not a good sign for bulls.
The weekly candle is not good for bulls. As long as price is below the blue trend line, bears could hope for a push even lower towards the weekly Ichimoku cloud near $1,220-$1,180. My longer-term view remains bullish Gold.
