GOLD continue to move as part of the correction and the upward channel. At the time of the publication of the forecast, the price of GOLD is 1734 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices push from the area between the signal lines, which indicates pressure from the buyers of the asset. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 1725. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1810.
XAU/USD Forecast and GOLD analysis May 21, 2020
An additional signal in favor of the rise in XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of rising GOLD prices on May 21, 2020 will be a fall and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1655. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1775.
XAU/USD Forecast and GOLD analysis May 21, 2020 implies an attempt to test the support area near the level of 1725. Further, continued growth of quotations with the target below the level of 1810. Cancellation of the option of rising gold prices will be the fall and the breakdown of the level of 1705. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD below the level of 1655.
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