Gold continues to trade in a bearish trend. Price has broken below short-term support and recent low at $1,160 and is heading towards channel support of $1,139 while the next long-term Fibonacci support is at $1,120.
Black lines - bearish channel Gold price got rejected at the 4 hour Ichimoku cloud. Price has entered back inside the bearish channel. Trend remains bearish. The rejection at $1,180 is a bearish sign implying that more downside should be expected. Resistance is at $1,180. Breaking above it will confirm trend reversal.
Red lines - bullish wedge There is a downward sloping wedge being formed in the weekly chart. Price has broken below the 61.8% Fibonacci retracement and is heading towards the 78.6% Fibonacci retracement. Breaking below the Ichimoku cloud is not a good sign. Oversold oscillators are diverging and this is a warning for Gold bears.
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