The gold price has bounced off the $1,120 support, but still remains in a bearish trend with no trend reversal confirmation. The trend will change on a break above $1,150-60 for the short term and above $1,260 for the medium and long term.
Red lines - bearish channel
The gold price is trading inside the bearish channel and below the Ichimoku cloud. Cloud resistance is at $1,170. A break above will be a bullish sign for the short-term trend. Support is at $1,120. Gold should start a reversal from current levels, otherwise the longer-term bullish scenario is going to get canceled.
The gold price continues to trade inside the downward sloping wedge. Weekly oscillators remain oversold and diverging. The price is below the weekly cloud. Bulls need first to break above the wedge and enter the cloud if a long-term bullish move is about to start.
