GOLD continue to move as part of a downward correction and the formation of the bullish «Wolfe Wave». At the time of the publication of the forecast, the price of Gold is 1698 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines, 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 1680. Where can we expect a rebound and continued growth in the price of Gold with a target above the level of 1760.
XAU/USD Forecast and GOLD analysis June 9, 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 a rebound from the lower border of the bullish «Wolfe Wave» model. Cancellation of the option of rising Gold prices on June 9, 2020 will be a fall and a breakdown of the level of 1650. This will indicate a breakdown of the support area and a continued decline to the area below the level of 1605. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1755.
XAU/USD Forecast and GOLD analysis June 9, 2020 implies an attempt to test the support area near the level of 1680. Further, continued growth of quotations with the target below the level of 1760. Cancellation of the option of rising gold prices will be the fall and the breakdown of the level of 1650. 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 1605.
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