Gold price remains near its recent lows. Trend is bearish as price is below the 4-hour Ichimoku cloud. Gold could bounce towards $1,285 but I expect price to get rejected again if we see this bounce.
Short-term support is at $1,270 while resistance is at $1,285-87. Trend is bearish. Gold price could be forming a new bearish flag, so a break below $1,270 will be a new bearish sign that will push price towards $1,260 at least.
On a daily basis trend remains bearish as price is below the Daily Kumo (cloud). Resistance is at $1,283-85. Price is expected to move sharply lower. Our first target is at $1,250. I remain bearish as long as price is below $1,297.The material has been provided by InstaForex Company – www.instaforex.com