Quotes of GOLD continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1304 Dollars per Troy Oz. At the moment, we should expect an attempt of growth and a test of the resistance level near the area of 1307. Where can we expect a rebound and the continuation of the fall in the price of GOLD with the goal below 1275.
XAU/USD Forecast and GOLD analysis March 19, 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 1325. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1350. Expect the acceleration of the fall in quotes XAU/USD stands with the breakdown of the support area and close below the level of 1290.
XAU/USD Forecast and GOLD analysis March 19, 2019 implies an attempt to test the resistance area near the level of 1307. Further, the continuation of the fall in quotations with a target below the level of 1275. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the level of 1325. 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 1350.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
