GOLD continue to move within the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of Gold is 1406 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1390. Where can we expect a rebound and the continuation of the growth in the price of Gold with the goal above 1475.
XAU/USD Forecast and GOLD analysis July 11, 2019
In favor of lifting quotes XAU/USD will test the rising trend line on the indicator of relative strength. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the option of rising prices for Gold on July 11, 2019 will fall and the breakdown of the level of 1370. This will indicate a breakdown of the support level and the continuation of falling into the area below the level of 1320. Expect the acceleration of growth of quotations XAU/USD stands with the breakdown of the area of resistance and closing above 1435.
XAU/USD Forecast and GOLD analysis July 11, 2019 implies an attempt to test the support area near the level of 1390. Further, the growth of quotations with a target above the level of 1475 will continue. Cancellation of the price increase for gold will be a fall and a breakdown of the level of 1370. This will indicate breakdown of the lower boundary of the channel. In this case, we should expect a continuation of the decline of Gold below the level of 1320.