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Gold price has managed to reach $1,305 where the 38% Fibonacci retracement of the decline from $1,331 is found. This is important short-term resistance. Gold price has only moved sideways for the last couple of days and a bearish flag we can say has been formed.
The Ichimoku cloud in the 4-hour chart remains above the price. Gold bulls will need to break above $1,305 in order to challenge $1,315-20 resistance. This will also increase chances of reaching $1,340-50 which is our wave C target. Support is found at $1,280-75. Breaking below this support will most probably push Gold price much lower towards $1,250-$1,200.
Gold price is inside the daily Ichimoku cloud and this makes the trend neutral. Breaking below $1,275-70 will make the trend bearish again and will open the way towards $1,200. I feel it is more probable that the decline from $1,331 is wave B and I expect final upward wave C towards $1,340-50 to unfold until the end of the month. This scenario is canceled if the price breaks below support. Long-term view remains bearish towards new lows near $1,100.
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