GOLD is trading at 1297 and continues to move as part of an upward correction. XAU/USD moves inside Ichimoku Kinko Hyo Clouds. This indicates the presence of a sideways trend in GOLD. As part of the GOLD price forecast for today, April 9, 2019. A test of the upper limit of the Ichimoku Kinko Hyo Cloud is expected near the level of 1305. Where should we expect a rebound and the continuation of the fall of GOLD with a target near the level of 1275.
GOLD Price Forecast and Analysis April 9, 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 a rebound from the upper boundary of the downward channel. 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 1290.
Cancellation of the fall in GOLD prices will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 1310 area. XAU/USD stands with the breakdown of the support area and closure below 1285.
GOLD Price Forecast and Analysis April 9, 2019 implies an attempt to test the resistance level near the area of 1305. Where should we expect further fall in quotes with a potential target near the level of 1275. Breaking the fall option will break the area of 1310. This will indicate continued growth in XAU/USD quotes with a target at the level of 1335.