GOLD continue to move as part of the correction and the formation of the «Wedge» model. At the time of the publication of the forecast, the price of GOLD is 1480 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 1485. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1420.
XAU/USD Forecast and GOLD analysis December 20, 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 a rebound from the upper border of the bearish channel. Cancellation of the option to lower GOLD prices on December 20, 2019 will be a strong growth and a breakdown of the level of 1495. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1535. Expect an acceleration of the fall in XAU/USD quotes with the breakdown of the support area and closing below 1455, which will indicate the beginning of the development of the «Wedge» model.
XAU/USD Forecast and GOLD analysis December 20, 2019 suggests an attempt to test the resistance area near the level of 1485. Further, the continuation of the fall in quotations with the target below the level of 1420. Cancellation of the option of falling prices for Gold will be a strong growth and the breakdown of the level of 1495. 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 1535.
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