Quotes of GOLD continue to move in the framework of the fall and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1283 Dollars per Troy Oz. At the moment, we should expect an attempt to rise and test the resistance level near the area of 1290. Where should we expect a rebound and the continuation of the fall in the price of Gold with a target below the level of 1265.
XAU/USD Forecast and GOLD analysis April 17, 2019
In favor of reducing the XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper limit of the model «Triangle». Cancellation of the option of falling GOLD prices will be a strong growth and a breakdown of 1295. This will indicate a breakdown of the upper boundary of the «Triangle» model and continued growth to the area above the level of 1310. Expect the acceleration of the fall in XAU/USD quotes with the breakdown of the lower boundary of the «Triangle» model and closure below level 1275.
XAU/USD Forecast and GOLD analysis April 17, 2019 implies an attempt to test the resistance area near the level of 1290. Further, the continuation of the fall in quotations with a target below the level of 1265. Cancellation of the option of falling gold prices will be a strong increase and a breakdown of the level of 1295. This will indicate on the breakdown of the upper boundary of the model «Triangle». In this case, it is worth expecting the continuation of the rise of Gold above the level of 1310.
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