Gold price is trading near its trading range lows. Price is testing important support but bearish momentum is not very strong. I expect a bounce from the current levels at least towards $1,340-50.
Gold price is trading below the 4-hour Ichimoku cloud and just above the 78.6% Fibonacci retracement. Gold price continues to make lower lows and lower highs. Short-term resistance is at $1,320 while support is at $1,310-$1,300.
Red lines – trading range
Black lines – trend line support
Gold is testing daily cloud support at the lower cloud boundary. Price remains above the medium-term trend upward sloping trend line. The sideways move continues and longer-term trend remains neutral with no clear direction as we remain trapped inside the trading range. Being at the lower boundaries of the range, I prefer being bullish with tight stops at the previous lows.
The material has been provided by InstaForex Company – www.instaforex.com
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