GOLD continue to move as part of the decline and the upward channel. At the time of the publication of the forecast, the price of Gold is 1403 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1420. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1340.
XAU/USD Forecast and GOLD analysis August 2, 2019
In favor of raising the XAU/USD quotes, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the option of falling GOLD prices on August 2, 2019 will be a strong growth and a breakdown of the level of 1445. This will indicate a breakdown of the support level and a continuation of the fall to the area below the level of 1485. Expect acceleration of the decline in XAU/USD quotes with a breakdown of the lower border of the rising channel and closing below the level 1390.
XAU/USD Forecast and GOLD analysis August 2, 2019 suggests an attempt to test the resistance area near the level of 1405. Further, the continuation of the decline in quotations with the target below the level of 1480. Cancellation of the option of falling prices for Gold will be a strong growth and the breakdown of the level of 1380. This will indicate on the breakdown of the resistance area. In this case, we should expect the continuation of the rise of Gold above the level of 1355.
