GOLD continue to move as part of a downward correction and a bullish channel. At the time of the publication of the forecast, the price of GOLD is 1565 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices returned to the area between the signal lines, indicating pressure from buyers and a likely rebound. At the moment, we should expect an attempt to fall and test the support level near the area of 1545. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1630.
XAU/USD Forecast and GOLD analysis February 7, 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 7, 2020 will be a fall and a breakdown of the level of 1510. This will indicate a breakdown of the support area and a continued decline to the area below the level of 1475. 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 7, 2020 implies an attempt to test the support area near the level of 1545. Further, continued growth of quotations with the target above the level of 1630. Cancellation of the option to raise GOLD prices will be the fall and the breakdown of the level of 1510. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1475.
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