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 1415 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 1395. Where should we expect a rebound and continued growth in the price of Gold with the goal above the level of 1475.
XAU/USD Forecast and GOLD analysis July 12, 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 12, 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 1325. Expect the acceleration of growth of quotes XAU/USD stands with the breakdown of the area of resistance and closure above 1435.
XAU/USD Forecast and GOLD analysis July 12, 2019 implies an attempt to test the support area near the level of 1395. Further, the continued growth of quotations with a target above the level of 1475. Cancellation of the option of raising the price of gold will 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 1325.