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 1286 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 a target below the level of 1260.
XAU/USD Forecast and GOLD analysis March 7, 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 upper boundary of the bearish channel. Cancellation of the option of falling GOLD prices will be a strong growth and a breakdown of 1305. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1330. Expect the acceleration of the fall in XAU/USD quotes with the breakdown of the support area and close below the level of 1280.
XAU/USD Forecast and GOLD analysis March 7, 2019 involves an attempt to test the resistance area near the level of 1300. Further, the continuation of the fall in quotations with a target below 1260. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the level of 1305. 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 1330.
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