Gold is trading near major support $1142-46 (61.8% projection of $1391 to $1131 from $ and break below will confirm the bearish continuation. The break of major support could pave way for next target $1080/$1041 (161.8% retracement of $1142 and $1307).
On the upside minor resistance is around $1182 and any close above this level will confirm very short term bullishness. Overall trend reversal only above $1230.
Indicators (Daily chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku-Sell
Recommendation: Sell Gold around $1160, SL $1182, Target $1081.
On the upside minor resistance is around $1182 and any close above this level will confirm very short term bullishness. Overall trend reversal only above $1230.
Indicators (Daily chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku-Sell
Recommendation: Sell Gold around $1160, SL $1182, Target $1081.