GOLD continue to move in the framework of the decline and the formation of the Triangle model. At the time of the publication of the forecast, the price of GOLD is 1278 Dollars per Troy Oz. At the moment, we should expect an attempt to develop a correction and test the resistance level near the area of 1285. Where should we expect a rebound and the continuation of the fall in the price of Gold with the goal below 1255.
XAU/USD Forecast and GOLD analysis May 8, 2019
In favor of reducing the XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper limit of the model «Triangle». Cancellation of the option of falling GOLD prices on May 8, 2019 will be a strong growth and a breakdown of the level of 1295. This will indicate a breakdown of the upper boundary of the channel and continued growth to the area above the level of 1325. Wait for the acceleration of the fall in the XAU/USD quotes with the breakdown of the support area and closing below the level of 1265.
XAU/USD Forecast and GOLD analysis May 8, 2019 involves an attempt to test the resistance area near the level of 1285. Further, the continuation of the fall in quotations with a target below 1255. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the level of 1295. 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 1325.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
