GOLD continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1703 Dollars per Troy Oz, as we see the bulls can not gain a foothold over the level of resistance, but there are chances for aggressive growth. Moving averages indicate the presence of a short-term lateral trend. Prices pierced the area between the signal lines up, which indicates pressure from the buyers of the asset. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 1675. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1785.
XAU/USD Forecast and GOLD analysis May 8, 2020
An additional signal in favor of the rise in XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of rising gold prices on May 8, 2020 will be a fall and a breakdown of the level of 1655. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1615. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1730.
XAU/USD Forecast and GOLD analysis May 8, 2020 suggests an attempt to test the support area near the level of 1675. Further, continued growth of quotations with the target below the level of 1785. Cancellation of the option of rising prices for GOLD will be a fall and a breakdown of the level of 1655. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD below the level of 1615.
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