Stay 
Trading Conditions
Products
Tools
Gold bulls were unable to break above the resistance of $1,150 yesterday, and the rejection pushedthe price lower towards short-term support of $1,125. The inability to break above resistance was not a good sign, but bulls still have one more chance as I expect a new bounce to come over the next couple of days.
Black line resistance
Gold price is trading below the Ichimoku cloud resistance in the 4 hour chart. However the price is still above the short-term support at $1,125. A break above $1,144 will push the price towards the level of $1,150 and, why not, even higher towards the retracement level of 78.6%.
The weekly chart is not very promising but the weekly candle still holds above the tenkan-sen support. The slope of the tenkan-sen is negative and this is not a good sign. However I see as the most probable scenario a push higher towards the weekly kijun-sen resistance. The long-term trend remains bearish as the price is below the Ichimoku cloud.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
