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Gold prices have broken downwards and are now trading near 1,245. The trend was downward and our view remained bearish from 1,279 once the support trend line was broken. Prices never really managed to break above the resistance trendline and support levels started to fail one after the other. The daily chart as shown below shows clearly that the important support levels were broken. We remain short biased as we believe that prices will continue lower towards 1,230 at least.
The Head-and-shoulders target is at 1,140 with a chance to see 1,080. We remain bearish and we see as important resistance level now the 1,280-95 price range. The support levels were broken as expected since the upward move was labeled as corrective after we analysed the form and pattern of the rise from 1,260 to 1,294.
The trend remains downward, as long as prices trade below the short-term downward sloping red trend line. This could change if prices manage to break above 1,270. This is its short-term resistance. Short-term support is found at 1,230 and then at 1,200. We could see an upward bounce from these levels, so it could be a profit taking opportunity to close short positions at these levels. The bigger trend remains downward, so any upward bounce should be met with sellling.
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