GOLD is trading at 1336. XAU/USD is trading above the upper boundary of the Cloud Ichimoku Kinko Hyo, indicating the presence of a bullish trend in GOLD. Ichimoku Kinko Hyo Cloud is expected to test near the 1335 level, from which it is expected to rebound and continue the development of the upward trend in Gold for the target of growth near the level of 1355. Earlier, we received a weak signal for the sell of GOLD, due to tossing of the signal lines at 1348 level.
GOLD prices forecast XAU/USD on February 1, 2018
Canceling the growth of GOLD quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with a close below the area of 1325, indicating a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations XAU/USD stands with the breakdown of the level of 1360.
It is not necessary to exclude the formation of the reversal model «Head and Shoulders». In this case, we should expect a test of the level of 1355 and the beginning of the fall as part of the development of the reversal model. The breakdown will be the breakdown of the area 1370.
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