GOLD continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1464 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1475. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1435.
XAU/USD Forecast and GOLD analysis December 12, 2019
An additional signal in favor of reducing the XAU/USD quotes will be a test of a downward trend line on the relative strength index (RSI). The second signal in favor of falling gold prices will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option to reduce GOLD prices on December 12, 2019 will be a strong growth and a breakdown of the level of 1490. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1545. Expect an acceleration in the fall of XAU/USD quotes with the breakdown of the support area and closing below 1450.
XAU/USD Forecast and GOLD analysis December 12, 2019 suggests an attempt to test the resistance area near the level of 1475. Further, the continuation of the fall in quotations with the target below the level of 1435. Cancellation of the option of falling prices for Gold will be a strong growth and the breakdown of the level of 1490. 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 1545.
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