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Gold price remains in a bearish trend making lower lows and lower highs after bouncing towards $1,118 earlier this week. The decline continues, although the price managed to break above $1,100 yesterday. The bounce was weak and sellers regained control and pushed the price to new lows.
Black lines - short-term bearish channelBlue line - trend line resistance
Blue rectangle - possible bounce area
Gold price is trading inside a short-term bearish channel as shown on the 4-hour chart above. A break above the short-term resistance of $1,098 could push Gold price towards the Ichimoku cloud of the 4-hour chart and inside the area of the blue rectangle.
Blue line - long-term support (broken)Red lines - price projection
The weekly chart remains fully bearish with the price heading towards our longer-term target of $1,000-$980. The price remains below the tenkan-sen and kijun-sen indicators and with the new weekly low we should expect more selling pressures to follow.
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