Quotes of GOLD continue to move within the bearish channel. At the time of publication of the forecast, the price of GOLD is 1222 dollars per ounce. At this point, we should expect an attempt to test the resistance level near the area of 1228. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1195.
XAU/USD forecast GOLD & analysis July 31, 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 1235 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 1270. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the support area and closing below the level of 1215.
XAU/USD forecast GOLD & analysis July 31, 2018 suggests an attempt to test the resistance area near the level of 1228 and the continuation of the drop in quotations below the level of 1195, the cancellation of the drop in GOLD prices will trigger a breakdown at level 1235, 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 1270.