GOLD completes the trading week near the level of 1291 and the formation of the «Triangle» model. GOLD continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend in GOLD. A test of the upper bound of the Kinko Hyo Cloud near the 1300 level is expected. Where should we expect an attempt to rebound and continue falling with the target near the 1230 level.
GOLD Weekly Forecast XAU/USD April 8 — 12, 2019
An additional signal in favor of falling gold prices in the current trading week of April 8 — 12, 2019 will be a rebound from the resistance level. The second signal will be the test of the upper boundary of the «Triangle» model. Earlier, a weak signal was received for SELL the GOLD. The signal was formed due to the intersection of signal lines at the level of 1315.
Cancellation of the option of falling quotations of GOLD will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with a close above the 1320 area. This will indicate a change in the downward trend in favor of an upward trend and continued growth in gold prices. Expect to accelerate the fall of XAU/USD quotes with the breakdown of the lower boundary of the «Triangle» model and closing below 1265.
GOLD Weekly Forecast XAU/USD April 8 — 12, 2019 suggests an attempt to develop a correction to the level of 1300. Where should we expect a rebound and the continuation of the fall in quotations with a potential target near the level of 1230. The test of the resistance level will be in favor of the decline. Cancellation of the fall in the price of GOLD will be the breakdown of the 1320 area. In this case, we should expect continued growth with a target above the level of 1345.