Gold price broke below support yesterday and is heading towards $1,120 which is the next important Fibonacci level. Trend remains bearish. Trend will change only above $1,170.
Blue line - trend line resistance
Oscillators are oversold but with new confirmed lows, we should expect this downside trend to continue towards $1,120. Trend is bearish as long as price is below $1,170. As long as price is below the Ichimoku cloud, our long-term bullish view remains in danger.
Price remains inside the bullish wedge pattern. I expect this wedge to be broken. However there is still no reversal sign. This signal could come once we touch the 78.6% Fibonacci retracement at $1,120.
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