Gold is being traded at the level of 1705 and continues to move within the framework of correction and formation of the "Triangle" model. XAU/USD quotes are moving inside the boundary of Ichimoku Kinko Hyo Cloud. It indicates the presence of a sideways trend in Gold. Within the Gold price forecast for May 5, 2020. An attempt to drop the prices of the precious metal and a test of the lower boundary of the Ichimoku Kinko Hyo Cloud near the level of 1698 are expected.

GOLD/USD, 30 min

Pivot: 1698.35