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03.07.201509:58 Forex Analysis & Reviews: Gold technical analysis for July 3, 2015

Long-term review

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Gold price has broken below the lower triangle boundary and has given an important sell signal. Today, we can see a back test of this break-down area. A trend remains bearish and so is my longer-term view. Support at $1,130 is the last defense for bulls. If we break below that level, $1,000 will be my target.

Blue lines - triangle pattern

Gold price is below the Ichimoku cloud. Gold is hitting lower lows and lower highs. A bounce towards $1,172-75 is very possible. This is the short-term resistance. Support is at $1,157 and then at $1,130-40.

Blue line - long-term support trend line

The weekly chart reached very close to the blue long-term trend line support. If this support trendline gets broken, we should expect a push towards $1,000. Important weekly resistance is at $1,200. I would remain bearish.

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