Quotes of GOLD continue to move as part of the growth and formation of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1293 Dollars per Troy Oz. At the moment, we should expect an attempt to reduce and test the support level near the area of 1290. Where can we expect a rebound and continued growth in the price of GOLD with the target above the level of 1320.
XAU/USD Forecast and GOLD analysis January 18, 2019
In favor of the growth of XAU/USD quotes, a test of the rising trend line on the relative strength index (RSI) will be made. 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 1275. This will indicate a breakdown of the support area and a continued decline to the area below 1230. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1300.
XAU/USD Forecast and GOLD analysis January 18, 2019 implies an attempt to test the support area near the level of 1290. Further, the continuation of the growth of quotations with the goal above the level of 1320. Cancellation of the option of rising prices for GOLD will fall and the breakdown of the level of 1275. 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 1230.