GOLD continue to move as part of the correction. At the time of the publication of the forecast, the price of Gold is 1508 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 develop a correction and test the resistance level near the area of 1565. Where can we expect a rebound and the continuation of the fall in the price of Gold with a target below the level of 1365.
XAU/USD Forecast and GOLD analysis March 19, 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 19, 2020 will be a strong growth and a breakdown of the level of 1585. This will indicate a breakdown of the resistance area and continued growth to an area above the level of 1645. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing below 1435.
XAU/USD Forecast and GOLD analysis March 19, 2020 suggests an attempt to test the resistance area near the level of 1565. Further, the continuation of the fall in quotations with the target below the level of 1365. Cancellation of the option of falling prices for Gold will be a strong growth and the breakdown of the level of 1585. 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 1645.
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