GOLD continue to move as part of a strong downward correction and a bullish channel. At the time of the publication of the forecast, the price of GOLD is 1554 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices returned to the area between the signal lines, indicating pressure from sellers. At the moment, we should expect an attempt to fall and test the support level near the area of 1540. Where can we expect a rebound and continued growth in the price of Gold with a target above the level of 1625.
XAU/USD Forecast and GOLD analysis February 6, 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 6, 2020 will be a fall and a breakdown of the level of 1505. 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.
XAU/USD Forecast and GOLD analysis February 6, 2020 suggests an attempt to test the support area near the level of 1540. Further, continued growth of quotations with the target above the level of 1625. Cancellation of the option to raise GOLD prices will be a fall and a breakdown of the level of 1505. This will indicate breakdown of the support area. In this case, we should expect continued decline in GOLD below the level of 1465.
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