GOLD continue to move within the correction and ascending channel. At the time of the publication of the forecast, the price of GOLD is 1962 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from sellers of the asset and a potential continuation of the fall. At the moment, we should expect an attempt to develop a decline and test the support level near the 1955 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 2065.
XAU/USD Forecast and GOLD analysis August 20, 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 20, 2020 will be a fall and a breakdown of the level of 1920. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1875. 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 20, 2020 suggests an attempt to test the support area near the level of 1955. Further, the growth of quotations with a target above the level of 2065 will continue. Cancellation of the option to raise GOLD prices will be a fall and a breakdown of the level of 1920. 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 1875.
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