GOLD is trading at 1345. XAU/USD is trading below the lower boundary of the Cloud Ichimoku Kinko Hyo, indicating a bearish trend in GOLD. Ichimoku Kinko Hyo Cloud near the 1350 level is expected to be tested near the level of 1350, from which it is expected to rebound and continue the development of the bearish trend for GOLD with a view to falling near the level of 1315. Earlier, a weak signal was received for the sell of GOLD, due to crossing of signal lines at 1348 level.
GOLD prices forecast XAU/USD on February 2, 2018
Canceling the option of dropping XAU/USD quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with a close above the area of 1355, which indicates a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall of quotations XAU/USD is with a breakdown of the level of 1330.
It is not necessary to exclude the formation of the reversal forex model «Head and Shoulders». In this case, you should expect a test of the level of 1355 and the beginning of the fall of the price of GOLD as part of the development of the reversal model. The breakdown will be the breakdown of the area 1370.
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