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Gold price got rejected at the short-term resistance on Friday and resumed its downward trend. A longer-term trend remains bearish but I continue to support the idea that we are in an area of possible long-term trend reversal and this is not the time to be short or selling gold. Surprising results of the Fed meeting can bring the price to the area of $1,045-50 today.
Green line - support
Blue lines - price projection
Gold price is still below the Ichimoku cloud. A trend remains bearish. The price managed to break above the bearish channel last week and is now back testing it. A new lower low will probably push gold towards the green support line and the yellow shaded area between $1,050 and 1,045. I expect gold price to bounce strongly afterwards.
In the weekly chart, g old price shows the bullish wedge in which we are currently in. We are trading below the weekly Ichimoku cloud and near the lower wedge boundaries. This is not the time to be short or to sell gold. We should wait for a confirmed reversal signal as the upside potential is very big. A break above $1,090 will be the first step of this reversal. Next important resistance levels are seen at $1,130 and at $1,190.
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