Gold price remains inside the bearish channel but has a lot of chances that an important low is made. I remain longer-term bullish expecting Gold to bounce towards $1,260 at least.
Blue lines – bearish channel
Gold price is below the Ichimoku cloud but the bearish trend is now being challenged. Short-term resistance is at $1,230. Support at $1,205. Breaking above resistance will push price towards $1,260 at least. Breaking support will push price towards $1,180.
Red lines – wedge patterns
Gold price has broken out of the downward sloping wedge pattern providing a bullish signal. Wedges are usually retraced to 100% so a push towards $1,250-60 is our minimum target. There we also find the daily Kumo (cloud) resistance. I’m bullish on Gold in the short and long term.
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