GOLD continue to move as part of the decline and the rising channel. At the time of the publication of the forecast, the price of GOLD is 1587 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices push away from the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 1605. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1465.
XAU/USD Forecast and GOLD analysis April 1, 2020
An additional signal in favor of reducing the XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of falling GOLD prices on April 1, 2020 will be a strong growth and a breakdown of the level of 1645. This will indicate a breakdown of the resistance area and continued growth to an area above the level of 1705. Expect an acceleration in the fall of XAU/USD quotes with the breakdown of the support area and closing below 1555.
XAU/USD Forecast and GOLD analysis April 1, 2020 suggests an attempt to test the resistance area near the level of 1605. Further, the continuation of the fall in quotations with the target below the level of 1465. Cancellation of the option of falling prices for GOLD will be a strong growth and the breakdown of the level of 1645. This will indicate on the breakdown of the resistance area. In this case, we should expect the continuation of the rise of GOLD above the level of 1705.
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