Quotes of GOLD continue to move in an upward correction. At the time of the publication of the forecast, the price of GOLD is 1214 Dollars per Troy Oz. At the moment, we should expect an attempt to test the resistance level near the area of 1220. Where should 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 November 16, 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 a breakdown of the 1225 area. This will indicate a breakdown of the channel boundary and continued growth to the area above 1240. Expect confirmation of a drop in XAU/USD quotes with the breakdown of the support area and closing below 1205.
XAU/USD forecast & GOLD analysis November 16, 2018 suggests an attempt to test the resistance area near the level of 1220. Then, further decline in quotations with a target below the level of 1190. Cancellation of the GOLD price reduction option will be a strong increase and breakdown of the 1225 level. This will indicate breakdown of the upper boundary of the channel. In this case, we should expect the continuation of the growth of gold above the level of 1240.
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