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Gold price is inside the bearish blue channel and below the Kumo (cloud). The price has also reached the 38% Fibonacci retracement of the rise from $1,200. As long as the price is below the Kumo, the medium-term trend is bearish.
Gold has found support at the daily kijun-sen (yellow line indicator). A daily close below it will open the way for a move towards the Kumo near $1,270. The scenario where we see even below $1,250 is still open as we could very well have started a big pullback to retrace the entire rise from $1,045. As long as Gold is above $1,045, we assume that we have made a long-term low and a long-term trend reversal at that level.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.