The gold in the middle of June broke an important trend line that kept the bull trend. This trend has lasted for a long time, more than a year and a half. The bottom line had been tested by the price after a long time, at least in December 2017, with a rebound from USD 1245 per ounce. The bull was able to push the price to the new astronomical high, but only for the duration of the trend line.
After 3 months of consolidation, the bulls have not survived and resigned. The price has gradually fallen to the trendline line, where it tested the level and then slightly rebounded. Specifically, it moved from 1287 to 1325. Then, the price with a daylight candle broke the trend line downwards, indicating a long-term decline (as reported in the literature). Since then, the Low Volume has appeared on the market, and the price has been able to crack down on several supports.
We are currently at USD 1270 per ounce. The price so far is testing another level 1267 support that is testing the next day. We will see if the bear will break this price level. If this happens, the next level of potential reflection is at 1247.
It was also confirmed by the daily and weekly chart. Indicators also show us that we are in bear trend. Sto RSI from daily and weekly viewers are on strong oversold levels, with the market still not reporting the turnaround.
Nevertheless, there may be a situation in the market that, after strong red candles, we will see some green. In that case, the resistance is at 1283. Another strong resistance is the trendline line.