GOLD continue to move within the correction. At the time of the publication of the forecast, the price of GOLD is 1294 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 can we expect a rebound and continued growth in the price of Gold with the goal above the level of 1325.
XAU/USD Forecast and GOLD analysis May 17, 2019
In favor of the growth of XAU/USD quotes, a test of the rising 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 17, 2019 will fall and the breakdown of the level of 1280. This will indicate the breakdown of the channel boundary and the continuation of falling into the area below the level of 1255. Expect acceleration of the growth of quotes of the downward channel and close above the level of 1305.
XAU/USD Forecast and GOLD analysis May 17, 2019 involves an attempt to test the resistance area near the level of 1290. Further, the continuation of the fall in quotations with a goal below the level of 1325. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the level of 1280. This will indicate 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.