FX.co ★ Ichimoku indicator analysis of gold for November 28, 2017

Gold price continues to trade inside the upward sloping trading range but in an overlapping price formation. Price reached the upper channel boundaries yesterday and got rejected. Gold will eventually break lower. My short-term target is at $1,250.

Blue lines - bullish channel

Gold price is trading above the 4-hour Kumo (cloud). Trend is bullish but very fragile as the rise is not impulsive. Price got rejected at the upper channel boundary at $1,298.50. Support is at $1,288 and next at $1,283. A close below the 4-hour Kumo (cloud) will be a bearish sign implying that the next leg down towards $1,250 has started.

Gold price on a weekly basis is above the weekly Kumo (cloud). Price is expected to go towards the cloud support near $1,250-40 area. Support on a weekly basis is at $1,283. A weekly close below this level will confirm our view for $1,250. Longer-term I remain bullish but I believe a new major low should be expected.