GOLD continue to move through strong growth and a downward channel. At the time of the publication of the forecast, the price of GOLD is 1297 Dollars per Troy Oz. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of 1285. Where can we expect a rebound and continued growth in the price of GOLD with a goal above the level of 1335.
XAU/USD Forecast and GOLD analysis May 14, 2019
In favor of the growth of 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 raising the price of GOLD on May 14, 2019 will fall and the breakdown of the level of 1275. This will indicate a breakdown of the lower boundary of the channel and the continuation of falling into the area below the level of 1255. Expect acceleration of the growth of quotations XAU/USD with the breakdown of the upper limit of the downward channel and closing above the level 1310.
XAU/USD Forecast and GOLD analysis May 14, 2019 involves an attempt to test the resistance area near the level of 1285. Further, the continuation of the fall in quotations with a goal below the level of 1335. Cancellation of the option of falling gold prices will be a strong increase and a breakdown of the level of 1275. 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 1255.
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