Gold XAU/USD is trading at the level of 1293.22. Gold is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating that there is an upward trend in Gold. It is expected to test the area of signal lines near the level of 1287.00, from which one should expect an attempt of growth and development of a bullish trend for Gold near the level of 1320.00.
XAU/USD Gold price forecast on June 8, 2017
An additional signal in favor of an bullish trend is the support area test. Earlier, a strong signal was received for the buying of GOLD, due to the crossing of the signal lines at the level of 1267.00. Canceling the growth of Gold quotes will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 1265.00, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations XAU/USD stands with the breakdown of the local maximum area at 1310.00.
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