Third week trading around the important long-term support of $1,170. The precious metal I believe is in a bottoming process and is expected to strongly reverse to the upside once the decline is complete. The low could already be in unless we need one more final flush towards $1,120-40. Important resistance is at $1,200 and a break above it will confirm that at least short-term trend has changed to bullish.
Exiting the bearish channel and breaking above the Ichimoku cloud in the 4 hour chart is what is needed by bulls to start a reversal. Support is at $1,160. Long-term resistance that needs to be broken is found at $1,330 where the long-term resistance trend line is found.
A break above the black trend line and entering inside the monthly cloud will be a very bullish sign. My target will be the upper Kumo boundary currently at $1,524. I believe Gold will reverse from current levels and will soon start its next leg up. Everything is set up nicely for a reversal. Oscillators in 4 hour, Daily and weekly time frames are either oversold and diverging or already turning higher from oversold levels.
What will be the causation behind the explosion in price I expect? Soon we will know.
Thank you for taking the time to catch up on my thinking. Good luck trading.