Gold price moved lower to new lows near $1,220 just below our short-term target of $1,230. Price remains in a bearish trend but I prefer to take profits now in order to wait for the bounce to re-sell for the bigger correction target below $1,190.
Black line – long-term resistance
Blue lines – bearish channel
Gold price remains inside the bearish channel and below the Kumo. The stochastic oscillator is providing our first bullish divergence signals. I could see price move even towards $1,215 but overall I expect a bounce back above $1,230 to be seen soon.
The weekly chart confirms our bearish view and price looks to be heading towards our target of the upper cloud boundary and the kijun-sen (yellow line indicator). We might see a bounce but trend remains bearish and I believe that only below $1,200 we should think again of the bullish scenarios.The material has been provided by InstaForex Company – www.instaforex.com
Gold price moved lower to new lows near $1,220 just below our short-term target of $1,230. Price remains in a bearish trend but I prefer to take profits now in order to wait for the bounce to re-sell for the bigger correction target below $1,190.
Black line – long-term resistance
Blue lines – bearish channel
Gold price remains inside the bearish channel and below the Kumo. The stochastic oscillator is providing our first bullish divergence signals. I could see price move even towards $1,215 but overall I expect a bounce back above $1,230 to be seen soon.
The weekly chart confirms our bearish view and price looks to be heading towards our target of the upper cloud boundary and the kijun-sen (yellow line indicator). We might see a bounce but trend remains bearish and I believe that only below $1,200 we should think again of the bullish scenarios.The material has been provided by InstaForex Company – www.instaforex.com
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