GOLD continue to move as part of the decline and formation of the «Head and Shoulders» downward pattern. At the time of the publication of the forecast, the price of GOLD is 1283 Dollars per Troy Oz. Moving averages indicate a short-term downward trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1290. Where can we expect a rebound and the continuation of the fall in the price of GOLD with the target below the level of 1245.
XAU/USD Forecast and GOLD analysis May 29, 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 bearish channel. Cancellation of the option of raising the price of gold on May 29, 2019 will be a fall and a breakdown of the level of 1305. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area above the level of 1355. Expect the acceleration of the fall in quotes XAU/USD with the breakdown of the support area and closing below the level of 1260.
XAU/USD Forecast and GOLD analysis May 29, 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 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 1355.
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