Quotes of GOLD continue to move within the correction. At the time of publication of the forecast, the GOLD price is 1212 Dollars for the Troy Ounce. At this point, we should expect a test of the support level near the 1200 area. Where can we expect a rebound and the continued growth in the price of GOLD with a target above the level of 1240.
XAU/USD forecast GOLD & analysis August 29, 2018
In favor of the growth of quotations XAU/USD will test the upward trend line on the indicator of relative strength index (RSI). Cancellation of the variant of the price increase for GOLD will be the fall and breakdown of the 1195 area, which will indicate the breakdown of the lower border of the channel and the continuation of the decline into the area below the level of 1165. To expect confirmation of the growth of XAU/USD prices is with the breakdown of the resistance area and the closing above the level of 1225.
XAU/USD forecast GOLD & analysis August 29, 2018 suggests an attempt of testing the support area near the level of 1200 and the continuation of the growth of quotations with the target above the level of 1240, the cancellation of the variant of the price increase for GOLD will be a breakdown of the level of 1195, which will indicate the breakdown of the level of support, in this case, we should expect the GOLD decline to continue below the level of 1165.
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