GOLD continue to move as part of the growth and upward channel. At the time of the publication of the forecast, the price of GOLD is 1520 Dollars 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 1475. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1595.
XAU/USD Forecast and GOLD analysis August 16, 2019
In favor of raising the XAU/USD quotes, a test of the rising support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of increasing GOLD prices on August 16, 2019 will be a fall and a breakdown of the level of 1450. This will indicate a breakdown of the lower border of the channel and a continued fall to the area below the level of 1415. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1545.
XAU/USD Forecast and GOLD analysis August 16, 2019 suggests an attempt to test the support area near the level of 1475. Further, continued growth of quotations with the target above the level of 1595. Cancellation of the option to raise GOLD prices will be a fall and a breakdown of the level of 1450. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1415.
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