Gold price remains inside the longer-term bearish channel. We had some indications for a bounce towards $1,220-30 but price has broken back below the critical $1,200 level. Last chance for bulls is at $1,180. Holding that level could provide bulls with another opportunity for a higher high towards $1,220. Otherwise a break below $1,180 will open the way for a move towards $1,140-$1,110.
Blue lines – bearish channel Short-term resistance is at $1,200 and next at $1,209. Breaking above these levels will open the way for a bigger bounce towards the Daily Kumo (cloud) and the upper channel boundary at $1,220. Support is at $1,180. Breaking it will push price towards the lower channel boundary. Trend remains bearish.