Gold price remains in a short-term bearish trend. Price has recently bounced from $1,535 towards $1,550-55 but price remains below key resistance. Gold price needs to overcome $1,564 in order for bulls to regain control of the trend.
Green line – bearish divergence
Red rectangle – resistance area
Gold price is challenging important resistance area. Both oscillators are negatively sloped. As long as price is below $1,563 trend will remain bearish.
In Ichimoku cloud terms trend remains bullish. Price remains above the kijun-sen (green line indicator). Support is at the $1,535 low and a break below this level could start a new move lower towards $1,510.The material has been provided by InstaForex Company – www.instaforex.com