Gold XAU/USD is trading at the level of 1231.47. GOLD continues to trade below the lower boundary of the Cloud Ichimoku Kinko Hyo, indicating a bearish trend in GOLD. An attempt is expected to fall and further develop the bearish trend for Gold with the target near the level of 1210.00. Earlier, we received a weak signal for purchases of gold, due to the crossing of the signal lines at the level of 1225.00.
XAU/USD forecast Gold price on May 16, 2017
The cancellation of the drop in GOLD quotations will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 1242.00, indicating a change in the downward trend in favor of the bullish trend. Expect the acceleration of the fall in quotations XAU /USD stands with the breakdown of the local minimum area at the level of 1218.00.