Gold challenges $1,500 while still vulnerable to a move lower towards $1,470.
Gold price remains in a short-term bearish trend. Although medium-term trend remains bullish, I expect soon to see price challenge the bullish medium-term channel. This test is at $1,470-80 area.
Red lines - medium-term bullish channelGold price remains inside the medium-term bullish channel. Price is moving lower to test the $1,470-80 support area. This was noted in our past analysis since the break of $1,533. Bulls should be patient. Bears need to break at least below $1,475 and stay below $1,500 on any bounce in order to hope for a bigger correction towards $1,400-$1,350. Until then medium-term trend remains bullish.
In Ichimoku cloud terms, Daily trend remains bullish. Support is at $1,500 for the short-term and $1,450-$1,480 for the medium-term. The tenkan-sen (red line indicator) remains above the kijun-sen (yellow line indicator) and so the Chikou span (green indicator) remains above price. The Ichimoku cloud indicator confirms our medium-term view that trend remains bullish, however with price challenging the kijun-sen, if we see a break below it we should expect price to reach the Kumo.