Quotes of GOLD continue to move within the correction. At the time of the publication of the forecast, the price of GOLD is 1312 Dollars per Troy Oz. At the moment, we should expect an attempt to fall and a test of the support level near the area of 1300. Where should we expect a rebound and continued growth in the price of GOLD with the goal above the level of 1345.
XAU/USD Forecast and GOLD analysis February 5, 2019
In favor of the growth of quotations XAU/USD will speak of the rising trend line on the indicator of relative strength index (RSI). As well as a rebound from the lower boundary of the rising channel. Cancellation of the option of rising gold prices will fall and the breakdown of 1280. This will indicate the breakdown of the support area and the continuation of falling into the area below 1245. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1325.
XAU/USD Forecast and GOLD analysis February 5, 2019 implies an attempt to test the support area near the level of 1300. Further, the growth of quotations with a target above the level of 1345 will continue. Cancellation of the option of raising the price of GOLD will make the fall and the breakdown level of 1280. This will indicate a breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD below the level of 1245.