GOLD continue to move within the growth and the rising channel. At the time of the publication of the forecast, the price of GOLD is 1391 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1405. Where should we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1340.
XAU/USD Forecast and GOLD analysis July 2, 2019
In favor of reducing the XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the option of falling gold prices on July 2, 2019 will be a strong growth and a breakdown of the level of 1425. This will indicate a breakdown of the resistance level and continued growth to the area above the level of 1450. Expect the XAU/USD price decline to accelerate with the breakdown of the support area and closing below the level of 1375.
XAU/USD Forecast and GOLD analysis July 2, 2019 implies an attempt to test the resistance area near the level of 1405. Further, the continued growth of quotations with a target below the level of 1340. Cancellation of the option of reducing the price of GOLD will be a strong growth and a breakdown of the level of 1425. This will indicate on the breakdown of the lower boundary of the channel. In this case, we should expect continued growth of GOLD above the level of 1450.
