GOLD is trading at 1331. XAU/USD is trading below the lower boundary of the Cloud Ichimoku Kinko Hyo, indicating a bearish trend in gold. Ichimoku Kinko Hyo signal line area test is near the 1330 level, from which it is expected to rebound and continue the development of the bearish trend for GOLD with a target to falling near the level of 1305.
GOLD prices forecast XAU/USD on February 23, 2018
An additional signal in favor of the fall of the pair is the resistance level test. Earlier, a weak signal was received for the sell of GOLD, due to the crossing of signal lines at the level of 1340. Canceling the option of dropping GOLD quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with a close above the area of 1345, indicating a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotations XAU/USD is with the breakdown of the support area and closing below the level of 1305.
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