Gold price continues to trade inside the short-term downward sloping channel but still remains above critical medium-term support of $1,300. Short-term trend will change to bullish if price breaks above $1,333. A break below $1,300 will open the way for a push towards $1,180-$1,200.
Red lines – bearish channel
Blue lines – sideways trading range
Gold price is below the Ichimoku cloud on the 4-hour chart, inside the bearish channel but also inside the blue trading range. Only a break below $1,300 and above $1,360 could start a new trend for Gold. Until then we buy close to support and sell near resistance.
On the above daily chart, you can see that Gold is trading right above the 38% Fibonacci retracement of the rise from $1,200 to $1,375, and is also between the 61.8% and 78.6% Fibonacci support levels of the rise from $1,300 to $1,353. We are at currently at a critical juncture. I prefer long positions with $1,300 as stop.
The material has been provided by InstaForex Company – www.instaforex.com
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