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Gold price remains below important resistance level of $1,207 and is consolidating near its highs within a sideways trading range. The upward move from $1,130 is considered a corrective counter trend move relative to the decline from $1,255. I expect a downtrend to resume soon.
Red line=resistance
Blue line=support
Gold price as shown in the chart above trade within the trading range of $1,174 and $1,204. The trend is neutral as long as price is inside this range. Breaking the blue trend line support will give me a sell signal that will push Gold price towards $1,145 low. Breaking above $1,204 will give me a buy signal with $1,215-$1,223 target.
Black line=support
Gold price is above the Ichimoku cloud. It is consolidating near the highs of this upward move and near the 61.8% retracement resistance. This is the most probable level to see a trend reversal to the downside. Once Gold price breaks $1,175 support, we should expect the cloud support and the black trend line to be tested. My longer-term view remains bearish targeting $1,050.
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