GOLD continue to move as part of the correction and the upward channel. Here the «Triangle» pattern is formed, prices test the upper boundary of the model. Potential for its breakdown and continued rise remains. At the time of the publication of the forecast, the price of Gold is 1587 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices pushed from the area between the signal lines, which indicates pressure from buyers and a likely rebound. At the moment, we should expect an attempt to reduce and test the support level near the area of 1555. Where can we expect a rebound and continued growth in the price of Gold with a target above the level of 1645.
XAU/USD Forecast and GOLD analysis February 19, 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 19, 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 1465. 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 19, 2020 suggests an attempt to test the support area near the level of 1555. Further, continued growth of quotations with the target above the level of 1645. 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 1465.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
