Gold price reached the Ichimoku cloud resistance as expected at $1,280 and got rejected. This rejection implies that the entire corrective move is not over and we should expect to see Gold price fall below the $1,259 area and near $1,245-50.
Red line - short-term support trend line
Blue line- long-term support trend line
The weekly chart continues to favor a pullback towards the weekly Kumo near $1,240. I continue to be bullish long-term and expect Gold price to eventually reverse upwards and break above the black trend line. The buy zone is at $1,200-$1,245.
