Quotes of GOLD continue to move within the bearish channel. At the time of publication of the forecast, the GOLD price is 1209. At this point, we should expect an attempt to test the resistance level near the area of 1217. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1190.
XAU/USD forecast GOLD & analysis August 9, 2018
In favor of falling quotations XAU/USD will test the resistance line on the indicator of relative strength index (RSI), as well as test the upper limit of the bearish channel. Canceling the variant of falling prices for GOLD will be a strong growth and breakdown of the 1225 area, which will indicate the breakdown of the upper border of the channel and the continuation of growth in the area above the level of 1255. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the lower limit of the model «Triangle» and closing below the level 1200.
XAU/USD forecast GOLD & analysis August 9, 2018 suggests an attempt to test the resistance area near the level of 1217 and the continuation of the drop in quotes below the level of 1190, the cancellation of the fall in the price of GOLD will be a breakdown of the level of 1225, which will indicate the quotes outflow down channel, in this case we should expect the continuation of growth in the area above the level of 1255.