Gold remains inside the longer-term bearish channel and is creating a shorter-term one as well. Price is making lower lows and lower highs. Price broke below and out of the trading range it was in for a month and is now trying to get back in. I expect prices to get rejected and move lower.
Green lines - long-term bearish channel
Red lines - short-term bearish channel
Short-term support is at $1,180 and resistance at $1,195. As long as price is below $1,195 I expect the short-term trend to remain bearish and push price towards $1,170. A break above $1,195 could push price towards $1,205 which is the channel resistance. A break above and out of the green channel will push price towards $1,220-30. Until then trend remains bearish and we expect prices to move lower.
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