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Gold price has been pushed sharply towards the resistance at $1,220 occording to our triangle scenario. Now, it is time for Gold to reverse lower towards $1,190 again. Gold price is trapped inside a consolidation area forming a triangle. Unless Gold price breaks above $1,224, a downward move will be more probable.
Red lines = triangle
Blue lines = expected price path
Gold price is back above the Ichimoku cloud now and the triangle scenario I posted yesterday assumes the price will fall towards the lower triangle boundaries. Gold price has found strong resistance at $1,224 and strong support at $1,175. A breakout of any of them will give us a sharp move towards $1,250 or $1,130-40 respectively.
The weekly chart remains trapped inside the range between the kijun- and tenkan-sen. Gold price is testing the kijun-sen and the cloud resistance as last week the price closed above the tenkan-sen (red line). A rejection at current levels is likely to a bearish signal that will bring Gold price back towards the tenkan-sen. On the other hand, if the price breaks above $1,224, we will test $1,250 which is the upper boundary of the cloud resistance.
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