Gold price remains inside the bearish channel. Price bounced yesterday but was unable to break out of the bearish channel. Price got rejected and is pulling back. I expect price to make new lows towards $1,300-$1,290 today and reverse to the upside.
Blue lines - bearish channel
Blue upward sloping line - bullish divergence
Yellow rectangle - target for reversal
Gold price has short-term resistance at $1,319 and support at $1,295. The RSI continues to diverge and a new lower low might provide the final divergence signal. I'm medium-term bullish Gold looking for a new low with divergence in the RSI to be bought for a reversal at least towards $1,330.
The material has been provided by InstaForex Company - www.instaforex.com
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