GOLD continue to move within the framework of a strong fall and a downward channel. At the time of the publication of the forecast, the price of GOLD is 1947 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. However, prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the decline. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1975 area. Where can we expect a rebound and the continued fall in the price of GOLD with a target below the level of 1840.
XAU/USD Forecast and GOLD analysis August 12, 2020
An additional signal in favor of reducing the XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal is a rebound from the upper border of the descending channel. Cancellation of the option of falling GOLD prices on August 12, 2020 will be a strong growth and a breakdown of the level of 2015. This will indicate a breakdown of the resistance area and a continued fall to the area above the level of 2075. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing below 1905.
XAU/USD Forecast and GOLD analysis August 12, 2020 implies an attempt to test the resistance area near the level of 1975. Further, the continuation of the fall in quotations with a target below the level of 1840. Cancellation of the option to reduce GOLD prices will be a strong growth and a breakdown of the level of 2015. This will indicate on the breakdown of the resistance area. In this case, we should expect the gold to continue to rise above the level of 2075.
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