GOLD continue to move as part of the fall and the formation of the inverted «Head and Shoulders» model. At the time of the publication of the forecast, the price of Gold is 1732 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices pierced the area between the signal lines down, indicating pressure from asset sellers. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 1695. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1785.
XAU/USD Forecast and GOLD analysis June 16, 2020
An additional signal in favor of the rise in XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the inverted «Head and Shoulders» model. Cancellation of the option of rising gold prices on June 16, 2020 will be a fall and a breakdown of the level of 1665. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1620, as well as the abolition of the formation of a reversal model. XAU/USD is expected to accelerate the growth of quotes with the breakdown of the resistance area and closing above the level of 1730.
XAU/USD Forecast and GOLD analysis June 16, 2020 suggests an attempt to test the support area near the level of 1695. Further, continued growth of quotations with the target below the level of 1785. Cancellation of the option of rising gold prices will be the fall and the breakdown of the level of 1665. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD below the level of 1620.
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