GOLD continue to move as part of a strong fall. At the time of the publication of the forecast, the price of Gold is 1506 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices pierced down the area between the signal lines, indicating pressure from sellers. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1525. Where can we expect a rebound and the continuation of the fall in the price of Gold with a target below the level of 1375.
XAU/USD Forecast and GOLD analysis March 17, 2020
An additional signal in favor of falling 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 upper boundary of the downward channel. Cancellation of the option of falling Gold prices on March 17, 2020 will be a strong growth and a breakdown of the level of 1595. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1655. Expect acceleration of the fall in XAU/USD quotes with the breakdown of the support area and closing below the level of 1435.
XAU/USD Forecast and GOLD analysis March 17, 2020 suggests an attempt to test the resistance area near the level of 1525. Further, the continuation of the fall in quotations with the target below the level of 1375. Cancellation of the option of falling prices for Gold will be a strong growth and the breakdown of the level of 1595. This will indicate on the breakdown of the resistance area. In this case, we should expect the continuation of the rise of Gold above the level of 1655.
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