GOLD continue to move within the growth and the rising channel. At the time of the publication of the forecast, the price of Gold is 1297 Dollars per Troy Oz. Moving averages indicate a short-term uptrend. 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 target above the level of 1340.
XAU/USD Forecast and GOLD analysis May 16, 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 lower boundary of the rising channel. Cancellation of the option of raising the price of gold on May 16, 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 region below the level of 1255. Expect acceleration of the growth of quotes of the downward channel and close above 1305.
XAU/USD Forecast and GOLD analysis May 16, 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 1340. Cancellation of the option of falling gold prices will be a strong increase and a breakdown of the level of 1285. 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.