GOLD continue to move within the growth and the rising channel. At the time of the publication of the forecast, the price of GOLD is 1339 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 1325 area. Where can we expect a rebound and continued growth in the price of GOLD with the goal above the level of 1375.
XAU/USD Forecast and GOLD analysis June 6, 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 6, 2019 will fall and the breakdown level 1305. This will indicate the breakdown of the lower boundary of the channel and the continuation of falling into the area below 1265. Expect the acceleration of growth of quotes XAU/USD is with the breakdown of the resistance area and closing above the level of 1345.
XAU/USD Forecast and GOLD analysis June 6, 2019 implies an attempt to test the support area near the level of 1325. Further, the growth of quotations with a target above the level of 1375 will continue. Cancellation of the price increase for gold will be a fall and a breakdown of the level of 1305. 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.
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