GOLD continue to move in the framework of strong growth. Rising prices could cancel the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1313 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt at correction and a test of the support level near the 1300 area. Where can we expect a rebound and continued growth in the price of GOLD with a goal above the level of 1325.
XAU/USD Forecast and GOLD analysis June 4, 2019
In favor of reducing the XAU/USD quotes, a test of the rising trend line on the 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 4, 2019 will be a fall and a breakdown of the level of 1295. This will indicate a breakdown of the lower boundary of the channel and a continuation of falling into the area below 1245. Expect the acceleration of growth in quotes XAU/USD is with the breakdown of the resistance area and closing above 1315.
XAU/USD Forecast and GOLD analysis June 4, 2019 implies an attempt to test the support area near the level of 1300. Further, the growth of quotations continues with a target above the level of 1325. Cancellation of the option of raising the price of GOLD will 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 1245.
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