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Gold price remains below $1,200. Gold price is in a corrective phase and will most probably exhaust any upside move towards $1,220-$1,230. This upward move could start from current levels but could start from $1,180 area. Key to confirm the start of this upward bounce is the break above the short-term resistance of $1,202. As long as Gold is below this level we should expect price to continue lower.
Blue lines - expected price path
Gold is expected to bounce towards the Kumo (cloud) resistance around $1,220-$1,230. A rejection at the cloud will most probably mean that Gold's downtrend is not over and we should expect a new lower low towards $1,140-$1,110. Gold is now struggling around the kijun- and tenkan-sen indicators confirming the indecisiveness and corrective nature of current price action. The only confirmed stop for bulls should be the August lows, while bears should wait for price to reach resistance in order to short it.
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