GOLD is trading at 1338. 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 near the 1340 level is expected, from which it is expected to rebound and continue the development of a bearish trend in 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 in the making.
GOLD prices forecast XAU/USD on February 6, 2018
Previously, a strong signal was received for the sell of GOLD, due to the crossing of the signal lines at the level of 1337. 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 1350, which indicates a change in the bearish trend in favor of an bullish trend and the reversal of the reversal pattern. Expect to accelerate the fall in quotations XAU/USD is with a breakdown of the level of 1325.
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