Ichimoku indicator analysis of gold for December 6, 2017

Gold price is bouncing back towards previous support of $1,270. Gold price is in a bearish trend. I expect Gold to get rejected at resistance and move lower towards $1,250.


Black rectangle - resistance

Gold price is trading below the 4-hour Kumo. Trend is bearish. Resistance levels are at $1,269-$1,272-$1,280. I expect Gold price to move towards $1,270-74 maximum and then get rejected for another move lower towards $1,250.


On a weekly basis, Gold price remains below both the tenkan- and kijun-sen indicators. Gold price is expected to move lower towards the weekly Kumo which is the long-term support level. As long as price is below the weekly kijun-sen at $1,280 we remain bearish.The material has been provided by InstaForex Company - www.instaforex.com