Gold price has broken through short-term important support as expected. We were calling for this decline and although we could see a bounce today towards $1,280, I expect the decline to continue lower towards $1,250.
Gold price has broken below the 4-hour Ichimoku cloud as expected. Trend is bearish. Price has also broken below the bullish channel. Gold price was moving in a corrective pattern and this sharp reversal lower was expected and noted several times. Bulls were warned.
