The Gold price continues lower towards our $1,310 target. The trend remains bearish. Price is forming a bullish wedge pattern. I believe it is now time to close short positions and look for a Gold trend reversal at least for the short-term. Once Gold price breaks out above the wedge pattern, we will have our signal. In cloud terms, the trend remains bearish as long as the price is below $1,335.

The Gold price broke down yesterday to new short-term lows as expected. The Gold price has broken below both the 4-hour and Daily cloud support and below the upward sloping short-term trend line support. A bounce could be seen for a couple days but we remain bearish as long as the price is below $1,348.

The Gold price broke above short-term resistance at $1,350 and tried to reach $1,360 area but was unable. The price pulled back towards $1,350 after reaching $1,355. Gold remains right below the important resistance area of $1,355-65 and bulls will need to convincingly break above it for a move towards and above $1,400 to take place. Until Gold breaks that area, I will remain bearish looking for $1,310-$1,300.

The Gold price continues to trade inside the $1,360-$1,300 range. The price is near the upper boundary and below resistance. There is a danger of seeing a push lower towards $1,300 as long as we remain below $1,350.