GOLD continue to move within the framework of the growth and the ascending channel. At the time of the publication of the forecast, the price of GOLD is 2008 Dollars per Troy Oz. Moving averages indicate a short-term bullish 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 a decline and test the support level near the 1965 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 2085.
XAU/USD Forecast and GOLD analysis August 19, 2020
An additional signal in favor of the growth of 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 lower border of the ascending channel. Cancellation of the growth option for GOLD prices on August 19, 2020 will be a fall and a breakdown of the level of 1925. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1885. Expect an acceleration of the rise in XAU/USD quotes with a breakdown of the resistance area and closing above 2025.
XAU/USD Forecast and GOLD analysis August 19, 2020 implies an attempt to test the support area near the level of 1965. Further, the growth of quotations with a target above the level of 2085 will continue. Cancellation of the option to raise GOLD prices will be a fall and a breakdown of the level of 1925. This will indicate breakdown of the support area. In this case, we should expect the continuation of the decline in GOLD below the level of 1885.
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