Quotes of GOLD continue to move as part of the fall and the beginning of the development of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1285 Dollars per Troy Oz. At the moment, we should expect an attempt of growth and a test of the resistance level near the area of 1290. Where can we expect a rebound and the continuation of the decline in the price of Gold with the goal below 1260.
XAU/USD Forecast and GOLD analysis January 24, 2019
The test of the broken trend line on the relative strength index (RSI) will be in favor of the XAU/USD quotes drop. As well as a rebound from the lower boundary of the model «Triangle». Cancellation of the option of reducing the price of GOLD will be a strong growth and a breakdown of 1295. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1315. Expect the acceleration of the falling quotes XAU/USD stands with the breakdown of the support area and closing below the level of 1275.
XAU/USD Forecast and GOLD analysis January 24, 2019 implies an attempt to test the resistance area near the level of 1290. Further, the continued decline in quotations with a target below the level of 1260. Cancellation of the option of falling gold prices will be a strong increase and a breakdown of the level of 1295. This will indicate breakdown of the resistance area. In this case, we should expect continued growth of GOLD above the level of 1315.