Gold price remains in a bearish short-term trend. Today Gold price mainly moved sideways but I believe we could see one more final new low near $1,299 before trend reverses to the upside.
Black lines -bearish channel
Blue lines - price expected path
Gold price is inside the bearish channel and is trying to break above the 4-hour tenkan-sen indicator. Resistance is at $1,319 and support at $1,298. I expect one more new low and then a reversal towards at least $1,330.
On a daily basis, Gold price has got very close to the 38% Fibonacci retracement. The minimum pullback has been made, so now we wait for a bounce at least towards the first important daily resistance at $1,335. I remain longer-term bullish and see pullbacks as buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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