Quick Technical Overview - GOLD: S2 YR1 Pivot at 997.50 as the next bearish target

Ichimoku analysis

• Weekly price is on bearish ranging within 1170.06 resistance and 1077.19 support.
  
• Chinkou Span line is located below the price indicating the bearish market condition to be continuing in the future.
  
• Absolute Strength indicator is estimating the ranging condition.
  
• If the price breaks 1077.19 support from above to below so the primary bearish trend will be continuing with good breakdown possibilities; otherwise - ranging.
  

Price action analysis

• The price is located below 100-SMA/200-SMA for primary bearish market condition.
• 100-SMA is below 200-SMA for the bearish condition to be continuing in the future.
• If the price breaks 1077.19 support level so we may see good breakdown.
• if the price breaks 1232.40 resistance level from below to above so the reversal to the bullish condition may be started in the near future in this case with secondary ranging: the price will be located between 100-SMA and 200-SMA.
  

Pivot Points

The price is located below Central YR1 Pivot at 1237.48 for the primary bearish with secondary ranging between Central Pivot level and S1 YR1 Pivot at 1082.97. If this S1 Pivot will be broken so we may see S2 Pivot at 997.50 as the next bearish target, otherwise - ranging within familiar levels.