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 1985 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices have broken the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continued growth. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1995 area. Where can we expect a rebound and the continued fall in the price of GOLD with a target below the level of 1885.
XAU/USD Forecast and GOLD analysis August 18, 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 18, 2020 will be a strong growth and a breakdown of the level of 2035. This will indicate a breakdown of the resistance area and a continued fall to the area above the level of 2085. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing below 1945.
XAU/USD Forecast and GOLD analysis August 18, 2020 implies an attempt to test the resistance area near the level of 1995. Further, the continuation of the fall in quotations with a target below the level of 1885. Cancellation of the option to reduce the price of GOLD will be strong growth and a breakdown of the level of 2035. 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 2085.
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