Quotes of GOLD continue to move in line with the decline. At the time of the publication of the forecast, the price of GOLD is 1203 Dollars per Troy Oz. At the moment, we should expect an attempt to test the resistance level near the area of 1215. Where should we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1185.
XAU/USD forecast & GOLD analysis November 13, 2018
In favor of falling XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. Cancellation of the option of reducing the price of GOLD will be a strong growth and the breakdown of the area of 1230. This will indicate a breakdown of the channel boundary and continued growth in the area above the level of 1255. Waiting for confirmation of falling quotes XAU/USD stands with the breakdown of the support area and closing below 1195.
XAU/USD forecast & GOLD analysis November 13, 2018 involves an attempt to test the resistance area near the level of 1215. Then, further decline in quotations with a target below 1185. The cancellation of the gold price cut option will be a strong increase and the breakdown of the 1230 level. This will indicate breakdown of the upper boundary of the channel. In this case, one should expect continued growth of gold above the level of 1255.
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