GOLD is trading at 1277 and continues to move in the framework of the decline and the downward channel. 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 29, 2019. A test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 1290. 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 29, 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 weak signal was received for BUY the GOLD. The signal was formed due to the intersection of signal lines at the level of 1273.
Cancellation of the fall in Gold prices will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closure of quotes above 1295. This option will indicate a downward trend in favor of an upward trend and continued growth in the price of Gold with a potential target near the 1325 region. XAU/USD stands with the breakdown of the support area and closure below 1265.
GOLD Price Forecast and Analysis April 29, 2019 implies an attempt to test the resistance level near the 1290 area. Where should we expect further fall in quotes with a potential target near the 1245 level. Cancellation of the option to reduce the GOLD price will break the 1295 area. This will indicate that the quotes will continue to rise XAU/USD with a target at the level of 1325.