FX.co ★ Gold technical analysis for May 12, 2015

Gold price has broken below the short-term trend-line support and remains below cloud resistance. The trend remains bearish in all time levels and the trading range is getting tighter every day. This means that we are going to see a new trend soon. I believe that the bearish scenario has more chances of success.

Red line = resistance

Blue line = support

The short-term 4-hour chart shows that the price has broken the blue trend-line support and is back-testing it now. The price remains below the red trend-line resistance and the cloud resistance at $1,190-$1,200. Support is found at $1,180-78.

The weekly chart remains bearish in the long term as price remains below the cloud resistance and below the kijun-sen. Support by the tenkan-sen (red line) at $1,180 is important.