GOLD continue to move as part of the fall and the formation of the «Wedge» model. At the time of the publication of the forecast, the price of GOLD is 1950 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines, 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 1960 area. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1815.
XAU/USD Forecast and GOLD analysis August 14, 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 «Wedge» pattern. Cancellation of the option of falling GOLD prices on August 14, 2020 will be a strong growth and a breakdown of the level of 2005. This will indicate a breakdown of the resistance area and a continued fall to the area above the level of 2065. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing below 1915.
XAU/USD Forecast and GOLD analysis August 14, 2020 implies an attempt to test the resistance area near the level of 1960. Further, the continuation of the fall in quotations with a target below the level of 1815. Cancellation of the option to lower GOLD prices will be a strong growth and a breakdown of the level of 2005. 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 2065.
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