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 1322 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we can expect an attempt at correction and a test of the support level near the 1310 area. Where can we expect a rebound and continued growth in the price of Gold with the goal above the level of 1355.
XAU/USD Forecast and GOLD analysis June 12, 2019
In favor of reducing the XAU/USD quotes, a test of the upward support line on the indicator of 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 raising the price of GOLD on June 12, 2019 will fall and the breakdown level 1295. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the area below 1265. Expect the acceleration of the growth of quotes XAU/USD with the breakdown of the resistance area and closing above the level of 1340.
XAU/USD Forecast and GOLD analysis June 12, 2019 implies an attempt to test the support area near the level of 1310. Further, the growth of quotations with a target above the level of 1355 will continue. Cancellation of the price increase for gold will be a fall and a breakdown of the level of 1295. This will indicate breakdown of the lower boundary of the channel. In this case, we should expect a continuation of the decline of Gold below the level of 1265.