GOLD continue to move within the correction and the ascending channel. At the time of the publication of the forecast, the price of Gold is $ 1,427 per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1405. Where should we expect a rebound and continued growth in the price of Gold with the goal above the level of 1480.
XAU/USD Forecast and GOLD analysis August 1, 2019
In favor of lifting quotes XAU/USD will test the rising trend line on the indicator of relative strength. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the option of rising gold prices on August 1, 2019 will fall and the breakdown of the level of 1380. This will indicate a breakdown of the support level and the continuation of falling into the area below the level of 1355. Expect acceleration of the growth of quotations XAU/USD stands with the breakdown of the area of resistance and closure above 1445.
XAU/USD Forecast and GOLD analysis August 1, 2019 implies an attempt to test the support area near the level of 1405. Further, the continued growth of quotations with a goal above the level of 1480. Cancellation of the option of raising the price of gold will fall and a breakdown of the level of 1380. This will indicate breakdown of the lower boundary of the channel. In this case, we should expect a continuation of the decline of Gold below the level of 1355.
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