GOLD continue to move as part of the correction and the formation of the descending «Head and Shoulders» model. At the time of the publication of the forecast, the price of GOLD is 1284 Dollars per Troy Oz. Moving averages indicate a short-term bearish 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 30, 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 30, 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 1355. Expect the acceleration of the fall in quotes XAU/USD with the breakdown of the support area and closing below 1260. This will indicate the completion of the formation of the FOREX model.
XAU/USD Forecast and GOLD analysis May 30, 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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