Quotes of GOLD continue to move as part of the decline. At the time of the publication of the forecast, the price of GOLD is 1296 Dollars per Troy Oz. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1300. Where can we expect a rebound and the continuation of the fall in the price of GOLD with the goal below 1245.
XAU/USD Forecast and GOLD analysis March 12, 2019
In favor of the fall in XAU/USD quotes, a test of the resistance area on the relative strength index (RSI) will come out. The second signal will be the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling GOLD prices will be a strong growth and a breakdown of 1310. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1335. Expect the acceleration of the fall in quotes XAU/USD stands with the breakdown of the support area and close below the level of 1275.
XAU/USD Forecast and GOLD analysis March 12, 2019 implies an attempt to test the resistance area near the 1300 level. Further, the continuation of the fall in quotations with a target below the 1245 level. Cancellation of the option of a fall in GOLD prices will be a strong increase and a breakdown of the 1310 level. This will indicate breakdown of the resistance area. In this case, it is worth expecting the continuation of the rise of GOLD above the level of 1335.
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