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Gold price remains inside the sideways channel just below important resistance levels. I continue to expect Gold to move lower towards $1,250 before resuming the longer-term upward move.
Blue lines - trading range
The Gold price is above the Ichimoku cloud in the 4 hour chart. This is a bullish sign. Support is at $1,285 and next at $1,277. Resistance is at $1,294 and next at $1,300. Gold is making an overlapping upward move since late October lows. This is not impulsive price action.
On a daily basis, the Gold price is testing the lower Kumo (cloud) boundary resistance. A rejection here will push price towards $1,280-78 daily support. A daily close below this support will open the way for a move towards $1,250. Breaking above $1,294 will open the way for a move towards $1,300.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.