Quotes of GOLD continue to move within the bullish channel. At the time of publication of the forecast, the GOLD price is 1204 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 1235.
XAU/USD forecast GOLD & analysis August 30, 2018
In favor of the growth of XAU/USD quotations, an uptrend test on the relative strength index (RSI) will perform, as well as a test of the lower boundary of the bullish channel. Canceling the variant of the price increase for GOLD will be the fall and breakdown of the area of 1190, 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 quotations XAU/USD stands with the breakdown of the resistance area and the closing above the level of 1215.
XAU/USD forecast GOLD & analysis August 30, 2018 suggests an attempt of testing the support area near the level of 1200 and the continuation of the growth of quotations for a target above the level of 1235, the abolition of the variant of the price increase for GOLD will break through the level of 1190, 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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