Quotes of GOLD continue to move within the bearish channel. At the time of publication of the forecast, the price of GOLD is 1215 Dollars per Ounce. At this point, we should expect an attempt to test the resistance level near the area of 1215. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1170.
XAU/USD forecast GOLD & analysis August 8, 2018
In favor of falling quotations XAU/USD will test the resistance line on the indicator of relative strength index (RSI). Canceling the option of falling prices for GOLD will be a strong growth and breakdown of the area of 1245, which will indicate the breakdown of the upper border of the channel and the continuation of growth in the area above the level of 1275. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the support area and closing below the level of 1200.
XAU/USD forecast GOLD & analysis August 8, 2018 suggests an attempt to test the resistance area near the level of 1215 and the continuation of the fall in quotations below the level of 1215, the cancellation of the drop in GOLD prices will trigger a breakdown at level 1245, indicating that the quotations are out of bounds down channel, in this case we should expect the continuation of growth in the area above the level of 1275.