Quotes of GOLD continue to move in the framework of the fall and the downward channel. At the time of the publication of the forecast, the price of Gold is 1279 Dollars per Troy Oz. At the moment, we should expect an attempt to continue the correction and test the resistance level near the area of 1285. 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 23, 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 boundary of the downward channel. Cancellation of the option of falling GOLD prices on April 23, 2019 will be a strong growth and a breakdown of 1295. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area above the level of 1310. Expect the acceleration of the fall in the XAU/USD quotes with the breakdown of the support area and closing below 1265.
XAU/USD Forecast and GOLD analysis April 23, 2019 implies an attempt to test the resistance area near the level of 1285. Further, the continuation of the fall in quotations with a target below the level of 1265. Cancellation of the GOLD price drop option will be a strong increase and a breakdown of the 1295 level. This will indicate on the breakdown of the upper boundary of the channel. In this case, it is worth expecting the continuation of the rise of GOLD above the level of 1310.
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