GOLD continue to move as part of the correction. At the time of the publication of the forecast, the price of Gold is 1607 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 a decline and test the support level near the area of 1600. Where can we expect a rebound and continued growth in the price of Gold with a target above the level of 1715.
XAU/USD Forecast and GOLD analysis April 3, 2020
An additional signal in favor of the rise in 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 ascending channel. Cancellation of the option of rising Gold prices on April 3, 2020 will be a fall and a breakdown of the level of 1585. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1540. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1635.
XAU/USD Forecast and GOLD analysis April 3, 2020 suggests an attempt to test the support area near the level of 1600. Further, continued growth of quotations with the target below the level of 1715. Cancellation of the option of rising gold prices will be the fall and the breakdown of the level of 1585. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of Gold below the level of 1540.
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