Ichimoku indicator analysis of gold for December 1, 2017

Gold price has broken through short-term important support as expected. We were calling for this decline and although we could see a bounce today towards $1,280, I expect the decline to continue lower towards $1,250.


Blue lines - bullish channel

Gold price has broken below the 4-hour Ichimoku cloud as expected. Trend is bearish. Price has also broken below the bullish channel. Gold price was moving in a corrective pattern and this sharp reversal lower was expected and noted several times. Bulls were warned.


Yesterday we warned bulls that the rejection at the Ichimoku cloud was a very bearish sign. Price has now closed below the kijun-sen as well. Gold price could bounce back towards the kijun-sen for a back test...but I expect the downward move to continue towards $1,250 soon.The material has been provided by InstaForex Company - www.instaforex.com