Gold XAU/USD is trading at the level of 1222.88. Gold continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in gold. It is expected to test the lower boundary of the Ichimoku Kinko Hyo Cloud near the level of 1231.00, from which one should expect an attempt to fall and further develop the bearish trend for Gold near the level of 1207.00.
Technical Analysis & Prediction XAU/USD on May 12, 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 drop in Gold quotations will be the breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotes above the area of 1251.00, which will indicate a change in the downward trend in favor of the ascending trend. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the local minimum area at the level of 1214.00.
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