GOLD continue to move as part of the decline and the beginning of the development of the «Triangle» model. At the time of the publication of the forecast, the price of Gold is 1282 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 a goal below the level of 1245.
XAU/USD Forecast and GOLD analysis May 9, 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 9, 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 1335. Wait for the XAU/USD price drop to accelerate with the breakdown of the support area and close below the level of 1265.
XAU/USD Forecast and GOLD analysis May 9, 2019 implies an attempt to test the resistance area near the level of 1285. 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 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, we should expect the continuation of the rise of gold above the level of 1335.
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