Gold remains weak and in a short-term bearish trend. I expect $1,260 to be broken and price to move towards next support of $1,250-45. My longer-term view remains bullish.
Gold price held above the 61.8% Fibonacci retracement of the move from $1,245 but is breaking below the 4-hour cloud support. The next leg down in Gold is expected to bring price towards the 38% Fibonacci retracement of the move from $1,180.
On a daily basis price has broken below the tenkan-sen and will test the kijun-sen at $1,260-55. Cloud support is at $1,230. After this larger pullback is over, I expect Gold to break above $1,300 and move towards $1,400.The material has been provided by InstaForex Company – www.instaforex.com