Gold price remains inside the sideways channel just below important resistance levels. I continue to expect Gold to move lower towards $1,250 before resuming the longer-term upward move.
Blue lines - trading range
The Gold price is above the Ichimoku cloud in the 4 hour chart. This is a bullish sign. Support is at $1,285 and next at $1,277. Resistance is at $1,294 and next at $1,300. Gold is making an overlapping upward move since late October lows. This is not impulsive price action.
