FX.co ★ Gold technical analysis for June 11 2015

Gold price was bounced higher as expected and reached the Ichimoku cloud resistance. The price has been rejected. The trend remains bearish which meets our longer-term view.

Gold price reached the Ichimoku cloud resistance. The trend is bearish as the price is moving towards lower lows and lower highs. Support is at $1,175 and resistance is at $1,200. I remain bearish for the short term especially if the level of $1,175 gets broken.

Blue line = trend line support

The weekly chart remains bearish. This week, we have seen an attempt to push the price higher towards the tenkan-sen indicator (red line), but the pair has not reached resistance at $1,200 until now. Support is seen at $1,160 and $1,130 in the weekly chart. A breakout below $1,130 will open the way to $1,000.