FX.co ★ Ichimoku indicator analysis of gold for December 8, 2017

Gold price remains in a bearish trend and moving lower still. Price has reached our target area but we could see a strong bounce today after the NFP announcement. I do not prefer to remain short at current levels.

Gold has made an equal extension downwards to the first leg down from $1,297. Gold price remains in a bearish trend in the short-term. Gold price has resistance at $1,254 and next at $1,260. Gold could bounce today after the NFP.

On a weekly basis Gold price has reached our target of the upper Kumo (cloud) boundary at $1,247. Gold price should bounce strongly from current levels. For a new upward move to be confirmed, Gold price must close on a weekly basis above $1,290.