Gold XAU/USD completes the trading month at the level of 1265.87. Gold is traded inside the Ichimoku Cloud, which indicates the presence of a lateral trend for Gold. It is expected to test the lower boundary of the Ichimoku Cloud near the level of 1216.80, from where it is expected to test the upper boundary of the Ichimoku Cloud near the level of 1241.70.
Ichimoku Kinko Hyo Forecast XAU/USD for May 2017
Earlier, a signal of medium strength was obtained for Gold purchases, due to intersection of the signal lines at the level of 1233.40. Consider buying is worthwhile with the breaking of the upper boundary of the Ichimoku Cloud and the closing of quotations above the level of 1282.00, in the case of breaking through the lower boundary of the Ichimoku Cloud, one should expect the continuation of the downward trend development according to XAU/USD.
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