Gold XAU/USD is trading at the level of 1227.86. Gold is trading below the lower boundary of the Cloud Ichimoku Kinko Hyo, indicating a downward trend in Gold. Ichimoku Kinko Hyo Cloud near the level of 1233.00 is expected to test the lower boundary of the Cloud, from which one should expect an attempt to fall and further develop the bearish trend for Gold near the level of 1214.00.
XAU/USD forecast Gold prices on May 15, 2017
Earlier, we received a weak signal for purchases of Gold, due to the crossing of the signal lines at the level of 1225.00. 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 downtrend 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.