Gold XAU/USD is trading at the level of 1240.00. Gold continues to trade above the upper boundary of the Cloud Ichimoku Kinko Hyo, which indicates the presence of an bullish trend in GOLD. Gold prices are expected to drop to the level of 1231.00, from which one should expect an attempt of growth and further development of the bullish trend for GOLD with a target to growth near the level of 1260.00.
GOLD price forecast XAU/USD on July 20, 2017
Earlier, we received a weak signal for the buying of gold, due to the crossing of the signal lines at the level of 1216.50. An additional signal in favor of the upward trend will be a test of the support area. Canceling the growth of GOLD quotations will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 1215.00, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations XAU/USD stands with the breakdown of the local maximum area at the level of 1254.00.
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