GOLD is trading at 1275 and continues to move as part of the decline and the beginning of the development of the «Triangle» model. GOLD moves below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bearish gold trend. As part of the gold price forecast for today April 18, 2019. A test of the area of Ichimoku Kinko Hyo signal lines near the level of 1285 is expected. Where should we expect a rebound and the continuation of the fall of Gold with a target near the level of 1245.
GOLD Price Forecast and Analysis April 18, 2019
An additional signal in favor of a fall in XAU/USD quotes will be a rebound from the resistance area. The second signal will be the test of the lower boundary of the «Triangle» model. Earlier, a medium strength signal was received for SELL the GOLD. The signal was formed due to the intersection of signal lines at the level of 1298.
Cancellation of the fall in GOLD prices will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closing of quotes above the 1305 area. XAU/USD stands with the breakdown of the support area and closure below 1270.
GOLD Price Forecast and Analysis April 18, 2019 implies an attempt to test the resistance level near the area of 1285. Where should we expect further fall in quotes with a potential target near the level of 1245. Canceling the option of reducing the price of GOLD will break the area of 1305. XAU/USD with a target at the level of 1355.