Quotes of GOLD continue to move in a strong fall. At the time of the publication of the forecast, the price of GOLD is 1294 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 the level of 1270.
XAU/USD Forecast and GOLD analysis March 29, 2019
In favor of the fall of the XAU/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of 1315. This will indicate a breakdown of the resistance area and continued growth in the area above the level of 1335. Expect the acceleration of the fall in XAU/USD quotes with the breakdown of the support area and closing below the level of 1290.
XAU/USD Forecast and GOLD analysis March 29, 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 1270 level. Cancellation of the GOLD price drop option will be a strong growth and a breakdown of the 1315 level. This will indicate on the breakdown of the upper boundary of the channel. In this case, it is worth expecting the continuation of the rise of GOLD above the level of 1335.