GOLD is trading at 1348. XAU/USD is traded within the Ichimoku Kinko Hyo Cloud, indicating a flat trend over GOLD. Ichimoku Kinko Hyo Cloud is expected to test near the level of 1355, 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 1315. In favor of the fall, the formation of the «Head and Shoulders» reversal pattern is advocating.
GOLD prices forecast XAU/USD on February 5, 2018
Earlier, a weak signal was received for the sell of GOLD, due to the crossing of the signal lines at the level of 1348. 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 1365, which indicates a change in the bearish trend in favor of a bullish trend and the reversal of the reversal pattern. Expect to accelerate the fall of quotations XAU/USD is with a breakdown of the level of 1330.
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