GOLD continue to move in the fall. At the time of the publication of the forecast, the price of GOLD is 1275 Dollars per Troy Oz. Moving averages indicate a short-term downward trend. At the moment, we should expect an attempt of growth and a test of the resistance level near the area of 1285. Where can we expect a rebound and the continuation of the fall in the price of GOLD with the goal below the level of 1245.
XAU/USD Forecast and GOLD analysis May 23, 2019
In favor of reducing the XAU/USD quotes, a test of the downward trend line on the relative strength index (RSI) will come out. 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 23, 2019 will fall and the breakdown of the level of 1305. This will indicate a breakdown of the upper boundary of the channel and continued growth in the area above the level of 1345. Expect the acceleration of the fall in quotes XAU/USD with the breakdown of the support area and closing below the level of 1265.
XAU/USD Forecast and GOLD analysis May 23, 2019 implies an attempt to test the resistance area near the level of 1285. Further, the continuation of the fall in quotations with a target below the level of 1245. Cancellation of the option of falling gold prices will be a strong increase and a breakdown of the level of 1305. This will indicate on the breakdown of the upper boundary of the channel. In this case, it is worth expecting the continuation of the rise of GOLD above the level of 1345.
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