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Gold remains in a short-term bearish trend after topping at $1,375 on July 11th. Since then, the price is steadily moving lower in what seems to be a large-degree correction with the initial target at the $1,300 level. The area of $1,280-$1,300 should provide a bounce that will clarify if we continue heading to new highs or move towards $1,250-$1,200.
Gold is trading below the downward sloping red trend line and below the 4-hour Kumo. The trend is bearish. Resistance is found at $1,325 and at $1,334. Above the cloud at $1,350, we expect to see new highs. My preferred scenario so far is that any bounce should be short-lived and would get rejected below $1,350. The alternative would be an impulsive move higher above $1,350 towards $1,400-$1,430.
Gold is trading above the Kumo on the daily chart and so far finds support at the weekly kijun-sen (yellow line indicator) at $1,313. A daily close below $1,313 will push the price towards the Kumo support around $1,280-$1,295. My longer-term view remains bullish in Gold, and any pullback towards $1,250-$1,200 will be a gift for bulls.
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