GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of Gold is 1284 Dollars per Troy Oz. At the moment, we should expect an attempt to continue the development of the correction and a test of the resistance level near the area of 1295. Where should we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1245.
XAU/USD Forecast and GOLD analysis May 1, 2019
In favor of reducing the XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling gold prices on May 1, 2019 will be a strong growth and a breakdown of 1305. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area above the level of 1335. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the support area and closure below 1270.
XAU/USD Forecast and GOLD analysis May 1, 2019 involves an attempt to test the resistance area near the level of 1295. Further, the continuation of the fall in quotations with a target below the level of 1245. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the level of 1305. This will indicate on the breakdown of the upper boundary of the channel. In this case, we should expect the continuation of the rise of gold above the level of 1335.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
