Gold price has broken through the support at $1,200 and bears continued to retain control of the longer-term trend. The weekly chart remains bearish as the price got rejected once again in the area of $1,220-30. Bulls do not seem to be strong enough to reverse the trend just yet. The level of $1,130 is likely to be tested.
Red line = support
Gold price has broken below the short-term Ichimoku cloud support at $1,200 and is heading towards the upward sloping trend-line support at $1,180. Bulls will need to retake $1,200 for the short-term trend to change to neutral.
The weekly chart remains bearish. Price is breaking below the tenkan-sen and remains below the cloud resistance. I remain longer-term bearish expecting the important lows at $1,130 to be tested. Bears should use $1,230 as stop and should target a break below $1,130 towards $1,000.The material has been provided by InstaForex Company – www.instaforex.com