The more time Gold price remains below the blue downward sloping trend line resistance, the more possible it is to witness a downward spike breaking support levels and pushing price to $1,250 or even lower. Gold price remains in a down trend. Price continues to make lower lows and lower highs. Bulls are weak and unable to push price above $1,300 where the resistance is found. On the other hand, bears are pushing the price slowly but steadily lower towards support at $1,275-80.
The daily chart above shows clearly our preferred wave scenario. However for this to happen we should see at least one daily close below $1,275 or a confirmed intraday break below $1,268. Gold price is weak. Price is still below the Ichimoku cloud. If support at $1,275 holds, we should expect a bounce towards $1,310-15. Overall, we remain bearish in the long term.