GOLD continue to move as part of a minor correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1483 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1475. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1565.
XAU/USD Forecast and GOLD analysis November 7, 2019
In favor of the rise in XAU/USD quotes, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal in favor of rising gold prices will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of rising GOLD prices on November 7, 2019 will be a fall and a breakdown of the level of 1460. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1405. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1525, which will indicate a breakdown of the upper model.
XAU/USD Forecast and GOLD analysis November 7, 2019 suggests an attempt to test the support area near the level of 1475. Further, continued growth of quotations with the target above the level of 1565. Cancellation of the option of rising prices for Gold will be the fall and the breakdown of the level of 1460. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1405.
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