Gold is trading around $1,175. The overall trend is neutral. Medium- and longer-term trends remain bearish. Critical support is at $1,160 while important resistance is at $1,230.
Gold remains below the Ichimoku cloud and is still inside the triangle pattern. The price is trading near the lower triangle pattern boundaries. Critical support is at $1,160-$1,150.
The weekly chart remains bearish in the long term as the price remains below the cloud resistance and both tenkan- and kijun-sen indicators. I would remain bearish and add to my short positions once we break below $1,130 with a tarteg at $1,000.The material has been provided by InstaForex Company – www.instaforex.com