GOLD is trading at 1277 and continues to move as part of the reduction and refinement of the «Triangle» model. GOLD moves below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend. As part of the Gold price forecast for today, April 24, 2019. A test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 1285. 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 24, 2019
An additional signal in favor of a fall in XAU/USD quotes will be a rebound from the resistance area. The second downward signal will be a rebound from the lower border 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 quotes closing above 1300. This option will indicate a downward trend in favor of an uptrend and continued growth in the price of GOLD with a potential target near the 1330 region. XAU/USD stands with the breakdown of the support area and closure below 1260.
GOLD Price Forecast and Analysis April 24, 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 1300. This will indicate a continued rise in quotations XAU/USD with a target at the level of 1330.