Gold XAU/USD is trading at 1284. Gold continues to trade within the Ichimoku Kinko Hyo Cloud, which indicates a flat trend over GOLD. Ichimoku Kinko Hyo indicator cloud is expected near the level of 1290, from which one should expect a rebound and further development of the bearish trend for GOLD with a target near the level of 1250. An additional signal in favor of the drop in quotations will be a resistance level test.
GOLD prices forecast XAU/USD on October 11, 2017
Earlier, we received a weak signal for buy GOLD, due to the crossing of signal lines at the level of 1270. The cancellation of the variant of falling XAU/USD quotes will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 1300, which indicates a change in the bearish trend in favor of the bullish trend. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the level of the lower boundary of the Cloud Ichimoku Kinko Hyo and closing below 1275.