GOLD continue to move within the correction and the ascending channel. 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 1420. Where should we expect a rebound and the continuation of the growth in the price of Gold with the goal above the level of 1470.
XAU/USD Forecast and GOLD analysis July 24, 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 24, 2019 will fall and the breakdown of the level of 1400. This will indicate a breakdown of the support level and the continuation of falling into the area below the level of 1370. Expect the acceleration of growth of quotations XAU/USD stands with the breakdown of the area of resistance and closure above the level of 1440.
XAU/USD Forecast and GOLD analysis July 24, 2019 involves an attempt to test the support area near the level of 1420. Further, the continued growth of quotations with a target above 1470. Cancellation of the option of raising the price of gold will fall and a breakdown of the level of 1400. 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 1370.
