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 1497 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 1465. Where can we expect a rebound and continued growth in the price of Gold with a target above the level of 1575.
XAU/USD Forecast and GOLD analysis August 9, 2019
In favor of raising the XAU/USD quotes, a test of the 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 rising gold prices on August 9, 2019 will be a fall and a breakdown of the level of 1425. This will indicate a breakdown of the lower border of the channel and a continued decline to the area below the level of 1375. Expect acceleration of the growth of XAU/USD quotes with a breakdown of the upper border of the rising channel and closing above the level 1535.
XAU/USD Forecast and GOLD analysis August 9, 2019 suggests an attempt to test the support area near the level of 1465. Further, continued growth of quotations with the target above the level of 1575. Cancellation of the option to raise gold prices will be a fall and a breakdown of the level of 1425. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1375.
