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Gold price has extended its decline towards the $1,100 support. I expect a bounce towards $1,130-40 where the bullish and bearish scenarios will be tested.
Blue upward sloping line - trend line support (broken)
Red line - bullish scenario
Gold price is trading below the Ichimoku cloud. The stochastics are at oversold levels and turning upwards while price is making new lows. This is a bullish divergence. I expect Gold price to bounce towards $1,130. Minimum bounce expected towards $1,120 where we find the broken upward sloping trend line support. We might get a rejection at that level. Most probable scenario is to see a bounce towards the 38% Fibonacci retracement where we will see the real strength of bulls.
The weekly chart is very weak as price has easily broken below the upward sloping blue trend line support. The long-term trend remains bearish as long as price is below the Ichimoku cloud. Medium and short-term trend remain bearish after breaking below $1,140. A bearish target is $1,030-$980.
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