Gold tumbles inside Ichimoku cloud; bearish in short-term

From xm.com

Gold prices have reversed back down again after finding resistance at the six-year high of 1439 at the end of the preceding month. Currently, prices are developing within the Ichimoku cloud and the red Tenkan-sen and the blue Kijun-sen lines are pointing down, suggesting more losses. The 20- and 40-simple moving averages (SMAs) posted a bearish crossover in the 4-hour chart, while the stochastic oscillator and the RSI are heading towards the oversold zone. Further losses should see the 38.2% Fibonacci retracement level of the upward movement from 1275 to 1439 near 1376. A drop below this level would reinforce the ... (full story)