GOLD continue to move within the correction and the downward 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 bearish 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 1345.
XAU/USD Forecast and GOLD analysis July 3, 2019
In favor of reducing the XAU/USD quotes, a test of the downward trend line on the relative strength indicator will come out. The second signal will be a rebound from the upper border of the bear channel. Cancellation of the option of falling GOLD prices on July 3, 2019 will be a strong growth and a breakdown of the level of 1420. This will indicate a breakdown of the resistance level and continued growth in the area above the level of 1450. Expect the acceleration of the fall in quotes XAU/USD stands with the breakdown of the support area and closing below 1375.
XAU/USD Forecast and GOLD analysis July 3, 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 1345. Cancellation of the option of reducing the price of gold will make a strong growth and a breakdown of the level of 1420. This will indicate breakdown of the upper boundary of the channel. In this case, we should expect continued growth of gold above the level of 1450.
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