The Gold/USD price has entered the one day ichimoku cloud
and has started to head down out of the cloud. A high of around 1170 was tested and since then the price has continued on a down trend on the higher timeframes. On the one day the price has risen above and now is well below the Tenkan-sen and the Kijun-sen which was a support area
. Currently the Chiko (lag) is under the cloud but above the price. Even though the price is still in the kumo cloud look for Gold
out of the cloud and then pull back to the Tenkan-sen as it also leaves the cloud.
On the weekly Gold
is still below the down trend line
currently at 1150). Untill that and the one week kumo cloud is clearly broken look for new lows.
This also looks like a failed rally according to "Wyckoff Logic"
A kind of deformed M pattern with the second part of the M lower than the first.