Gold XAU/USD is trading at the level of 1232.33. Gold continues to trade below the lower boundary of the Ichimoku Cloud, indicating a downward trend in gold. It is expected to test the area of signal lines near the level of 1242.00, from which one should expect an attempt to fall and further develop the bearish trend for Gold near the level of 1218.00.
Ichimoku Kinko Hyo Forecast XAU/USD on May 8, 2017
Previously, a strong signal was received for the sale of Gold, due to the intersection of the signal lines at the level of 1262.80. Cancellation of the fall option will be a breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotes above the area of 1258.00, indicating a change in the downward trend in favor of the ascending trend. Expect to accelerate the fall in quotations XAU/USD stands with the breakdown of the local minimum area at the level of 1226.00.
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