Quotes of GOLD continue to move within the correction. At the time of the publication of the forecast, the price of GOLD is 1308 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 1295. Where can we expect a rebound and continued growth in the price of GOLD with the target above the level of 1330.
XAU/USD Forecast and GOLD analysis February 8, 2019
In favor of the growth of XAU/USD quotes, a test of the support line on the relative strength index (RSI) will be made. As well as a rebound from the lower boundary of the bullish channel. Cancellation of the option of bullish GOLD prices will fall and the breakdown of 1285. This will indicate the breakdown of the support area and the continuation of falling into the area below 1255. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the upper limit of the bearish channel and closure above the level of 1315.
XAU/USD Forecast and GOLD analysis February 8, 2019 involves an attempt to test the support area near the level of 1295. Further, the continued growth of quotations with a target above the level of 1330. Cancellation of the option of raising the price of GOLD will fall and a breakdown of the level of 1285. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD below the level of 1255.