GOLD continue to move as part of the growth and the ascending channel. At the time of the publication of the forecast, the price of GOLD is 1804 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from asset buyers and potential continued growth. At the moment, we should expect an attempt to develop a decline and test the support level near the 1800 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1855.
XAU/USD Forecast and GOLD analysis July 17, 2020
An additional signal in favor of the rise in XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal is a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for GOLD prices on July 17, 2020 will be a fall and a breakdown of the level of 1780. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1745. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1830.
XAU/USD Forecast and GOLD analysis July 17, 2020 implies an attempt to test the support area near the level of 1800. Further, the growth of quotations with a target below the level of 1855 will continue. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1780. 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 1745.
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