Gold XAU/USD is trading at the level of 1224.44. Gold is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in gold. Gold is expected to increase near the level of 1231.00, from which it is expected to try to fall and further develop the bearish trend for Gold near the level of 1208.00.
Technical analysis & prediction XAU/USD on May 11, 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 a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 1253.00, 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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