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 1276 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. At the moment, we should expect an attempt at a correction and a test of the resistance level near the 1290 area. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1240.
XAU/USD Forecast and GOLD analysis May 31, 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 31, 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 1265. This will indicate the completion of the formation of the Forex model.
XAU/USD Forecast and GOLD analysis May 31, 2019 suggests 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 1240. Cancellation of the gold price drop option 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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