Quotes of GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of GOLD is 1297 Dollars per Troy Oz. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1305. Where can we expect a rebound and the continuation of the fall in the price of GOLD with the target below the level of 1270.
XAU/USD Forecast and GOLD analysis April 9, 2019
In favor of the fall in XAU/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling GOLD prices will be a strong growth and a breakdown of 1310. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1335. Expect the acceleration of the fall in XAU/USD quotes with the breakdown of the support area and close below the level of 1280.
XAU/USD Forecast and GOLD analysis April 9, 2019 implies an attempt to test the resistance area near the level of 1305. Further, the continuation of the fall in quotations with a goal below the level of 1270. Cancellation of the option of falling GOLD prices will be a strong increase and a breakdown of the level of 1310. This will indicate on the breakdown of the upper boundary of the channel. In this case, we should expect the continuation of the rise of GOLD above the level of 1335.
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