GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of GOLD is 1874 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices push off from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall already from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 1880 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 1815.
XAU/USD Forecast and GOLD analysis November 11, 2020
An additional signal in favor of reducing the XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling GOLD prices on November 11, 2020 will be a strong growth and a breakdown of the level of 1925. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1975. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below the level of 1850.
XAU/USD Forecast and GOLD analysis November 11, 2020 implies an attempt to test the resistance area near the level of 1880. Further, the continuation of the fall in quotations with a target below the level of 1815. Cancellation of the option to reduce GOLD prices will be made by a strong growth and a breakdown of the level of 1925. This will indicate on the breakdown of the resistance area. In this case, we should expect the continuation of the rise in GOLD with a potential target above the level of 1975.
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