Gold price as expected has pulled back and got rejected at the resistance area. As explained in our previous analysis, Gold price was expected to move lower towards $1,320-30 area. I believe the pull back has started.
Gold price is making lower lows and lower highs and is breaking below the 4-hour kijun-sen (yellow line indicator). This implies more weakness ahead and a move towards the cloud support around $1,320.
Magenta line - long-term resistance
Blue line - long-term support
On a weekly basis we remain above both the tankan- and kijun-sen indicators. Price as expected got rejected at the long-term resistance trend line. Support on a weekly basis is at $1,332 and next at $1,300. I believe the $1,300 support will not be broken. However I believe that we will briefly move below the $1,332 level.
The material has been provided by InstaForex Company - www.instaforex.com
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