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Gold price has recaptured the $1,500 level and has managed to move all the way to $1,520. Gold is in a price level now that risk reward favors the bearish side of the market, because as we previously said, as long as price is below $1,535 we expect the decline in Gold to unfold further.
Gold price has reached the 78.6% Fibonacci retracement of the last leg down and got rejected. Price has formed a bearish candle formation in the 4hour chart with a long upper tail in the previous candlestick. Combined with the fact that price remains below the black downward sloping trend line resistance, I believe this is a sign that the entire bounce from $1,459 is over and we should expect the next leg down to start soon. Support is at $1,496 and a break below this level will strengthen my bearish view. A break above today's highs will cancel my bearish view. Major support is found at $1,459 and if this level is broken I expect Gold to reach $1,400 or lower.
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