GOLD is trading at 1230 and continues to move as part of the correction. GOLD is trading above the upper limit of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in GOLD. As part of the GOLD forecast & analysis XAU/USD November 6, 2018, a test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 1225. Where should we expect a rebound and continued growth of GOLD with a target near the level of 1250.
GOLD forecast & analysis XAU/USD November 6, 2018
An additional signal in favor of the growth of XAU/USD quotes will be a rebound from the support area, as well as a rebound from the lower border of the ascending channel. Earlier, a weak signal was received for BUY the GOLD, due to the intersection of signal lines at the level of 1224.
Cancellation of the price increase for GOLD will be the breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotes below 1220. This option will indicate a change in the upward trend in favor of the downward trend and the continuation of the fall in the price of GOLD with a potential target near the 1210. Expect confirmation of the growth of XAU/USD quotations stands with the breakdown of the resistance area and closing above the level of 1240.
GOLD forecast & analysis XAU/USD November 6, 2018 suggests an attempt to test the support level near the 1225 area, from where we expect further growth of quotes with a potential target near the 1250 level. Breaking out the growth option will be a breakdown of the 1220 area, which will indicate a continuation of the XAU/USD quotes decline.