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GOLD prices forecast XAU/USD on October 16, 2017

GOLD prices forecast XAU/USD on October 16, 2017


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GOLD XAU/USD is trading at 1293. Gold continues to trade above the upper Ichimoku Kinko Hyo Cloud, which indicates the presence of an bullish trend in GOLD. Ichimoku Kinko Hyo indicator cloud is expected near the level of 1285, from which it is expected to rebound and further development of the bullish trend for Gold with a target near the level of 1315.

GOLD prices forecast XAU/USD on October 16, 2017

An additional signal in favor of a rise in gold prices will be a test of the level of support. Earlier, we received a weak signal for buy GOLD, due to the crossing of signal lines at the level of 1270. The cancellation of the growth of Gold quotations will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of ​​1270, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations XAU/USD stands with a breakdown of the level of 1300.

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