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 1290. Where should 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 15, 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 15, 2019 will be a fall and a breakdown of the level of 1285. This will indicate a breakdown of the lower boundary of the channel and a continuation of falling into the area below 1255. Expect the acceleration of growth of quotes XAU/USD with the breakdown of the upper limit of the downward channel and close above 1310.
XAU/USD Forecast and GOLD analysis May 15, 2019 implies an attempt to test the resistance area near the level of 1290. Further, the continuation of the fall in quotations with a target below the level of 1335. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the level of 1285. 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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