Gold XAU/USD is trading at the level of 1234.29. Gold is trading 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 1245.00, from which one should expect an attempt to fall and further develop the bearish trend for Gold near the level of 1225.00.
Ichimoku Kinko Hyo XAU/USD Forecast on May 5, 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. The cancellation of the fall option will be a breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotations above the area of 1263.00, which will indicate 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 1230.00.
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