GOLD XAU/USD is trading at 1294. GOLD continues to trade above the upper Ichimoku Kinko Hyo Cloud, which indicates an bullish trend in Gold. Ichimoku Kinko Hyo signal line area test is near the level of 1290, from which it is expected to rebound and further development of the bullish trend for Gold with a target near the level of 1320. An additional signal in favor of the growth of XAU/USD prices will be a test of the level of support.
GOLD prices forecast XAU/USD on October 18, 2017
Earlier, we received a weak signal for buy Gold, due to the crossing of the signal lines at the level of 1270. The cancellation of the growth of Gold quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 1275, which will indicate a shift in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations XAU/USD stands with a breakdown of level 1306.