GOLD continue to move as part of the growth and the beginning of the development of the «Triangle» model. At the time of the publication of the forecast, the price of Gold is 1426 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 1415. Where can we expect a rebound and continued growth in the price of GOLD with the target above the level of 1465.
XAU/USD Forecast and GOLD analysis July 23, 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 upper limit of the model «Triangle». Cancellation of the option of rising prices for GOLD on July 23, 2019 will fall and the breakdown of the level of 1395. This will indicate a breakdown of the support level and the continuation of the fall to the area below the level of 1365. Expect the acceleration of growth of quotes XAU/USD stands with the breakdown of the area of resistance and closing above the level of 1445.
XAU/USD Forecast and GOLD analysis July 23, 2019 implies an attempt to test the support area near the level of 1415. Further, the growth of quotations with a target above the level of 1465 will be canceled. Cancellation of the price increase for gold will be a fall and a breakdown of the level of 1395. This will indicate breakdown of the lower boundary of the model «Triangle». In this case, we should expect a continuation of the decline of Gold below the level of 1365.
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