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Gold price remains below resistance levels moving in the short-term bearish trend. The price remains trapped below the Ichimoku cloud, but also above an yearly low of $1,080. An important trend-hange level is seen at $1,125. As long as we are below it, we should expect more downside pressures.
Black line - resistanceGold price is trading below the Ichimoku cloud in the 4-hour chart and below the black downward sloping trend line. A trend is bearish. The price is headed towards lower lows and lower highs. Unless we break above the Ichimoku cloud and the level of $1,125 we should expect more downside movements.
The weekly chart remains bearish as the price is trading below the tenkan-sen resistance indicator. As long as the weekly chart is below $1,125, we should remain short-term bearish. Breaking above it will be a short-term bullish signal with a possible target at $1,150. The longer-term trend remains bearish but this is not the level to open short positions.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.