GOLD continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1876 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 continued fall in the price of GOLD with a target below the level of 1825.
XAU/USD Forecast and GOLD analysis November 12, 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 “Triangle” pattern. Cancellation of the option of falling GOLD prices on November 12, 2020 will be a strong growth and a breakdown of the level of 1915. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1955. 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 1855.
XAU/USD Forecast and GOLD analysis November 12, 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 1825. Cancellation of the option to lower GOLD prices will be made by a strong growth and a breakdown of the level of 1915. This will indicate on the breakdown of the resistance area. In this case, we should expect the gold to continue to rise with a potential target above the level of 1955.
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