GOLD continue to move as part of a downward correction and a downward channel. At the time of the publication of the forecast, the price of GOLD is 1502 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 1500. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1590.
XAU/USD Forecast and GOLD analysis September 20, 2019
In favor of raising the XAU/USD quotes, a test of the rising support line on the relative strength index (RSI) will come out. The second signal in favor of a rise in gold prices will be a rebound from the lower border of the rising channel. Cancellation of the option of rising gold prices on September 20, 2019 will be a fall and a breakdown of the level of 1470. This will indicate a breakdown of the lower border of the channel and a continued fall to the area below the level of 1435. Expect acceleration of the growth of XAU/USD quotes with a breakdown of the upper border of the downward channel and closing above the level 1525.
XAU/USD Forecast and GOLD analysis September 20, 2019 suggests an attempt to test the support area near the level of 1500. Further, continued growth of quotations with the target above the level of 1590. Cancellation of the option to raise GOLD prices will be a fall and a breakdown of the level of 1470. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1435.