Ichimoku indicator analysis of gold for November 1, 2017

Gold has broken out of the downward sloping wedge pattern and yesterday it pulled back to back test the breakout area. Price made a higher low so far, but the short-term trend remains bearish as long as the price is below the Kumo.

Blue line — resistance

Red line — support

The Gold price is trading below the 4 hour Kumo (cloud) resistance. This resistance is at $1,279-83. Support is at $1,267. Breaking below support will open the way for a move lower towards $1,260 or even lower.

On a daily basis, the trend remains bearish. Gold price is testing the tenklan-sen indicator. Bulls must break above it and try a push inside the cloud to change trend to neutral. Otherwise, we are still in danger of moving lower towards $1,240-50. I remain longer-term bullish. Article Source

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