GOLD continue to move in the framework of a decline and a bearish channel. At the time of the publication of the forecast, the price of GOLD is 1281 Dollars per Troy Oz. At the moment, we should expect an attempt to develop a correction and test the resistance level near the area of 1282. 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 10, 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 10, 2019 will be a strong growth and a breakdown of the level of 1295. 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 the XAU/USD quotes with the breakdown of the support area and closing below the level of 1270.
XAU/USD Forecast and GOLD analysis May 10, 2019 implies an attempt to test the resistance area near the level of 1282. 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 increase and a breakdown of the level of 1295. 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.