GOLD continue to move as part of the correction and the upward channel. The «Triangle» pattern is also formed here. At the time of the publication of the forecast, the price of GOLD is 1571 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices pushed away from the area between the signal lines, indicating pressure from buyers and a likely upward rebound. At the moment, we should expect an attempt to fall and test the support level near the area of 1550. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1635.
XAU/USD Forecast and GOLD analysis February 11, 2020
An additional signal in favor of the growth of XAU/USD quotes will be an uptrend line test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of rising GOLD prices on February 11, 2020 will be a fall and a breakdown of the level of 1525. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1485. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1605, which will indicate the exit of quotes beyond the limits of the «Triangle» model.
XAU/USD Forecast and GOLD analysis February 11, 2020 suggests an attempt to test the support area near the level of 1550. Further, continued growth of quotations with the target above the level of 1635. Cancellation of the option to raise gold prices will be a fall and a breakdown of the level of 1525. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1485.
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