FX.co ★ Ichimoku indicator analysis of gold for November 30, 2017

As expected, gold price got rejected at the upper channel boundary. The break below the black trend line support has given a new short-term sell signal that so far remains in profit as price has fallen towards the lower channel boundary and cloud support.

Blue lines - bullish channel

Black line - support (broken)

Gold price is breaking below the 4-hour Kumo support. Price is now testing the lower channel boundary. As I have been saying for the past few days, Gold price is expected to move sharply lower towards $1,250. A break below support of $1,280 will confirm that this move has started.

On a daily basis, Gold price has been rejected by the Daily Kumo (cloud). This is a bearish sign that we were expecting. Price is below the daily tenkan-sen (red line indicator) and is testing the kijun-sen (yellow line indicator). A daily close below the Kijun-sen will be a bearish sign. I expect Gold to move lower towards $1,250 over the coming days.