Quotes of GOLD continue to move in the correction. At the time of the publication of the forecast, the price of GOLD is 1222 Dollars per Troy Oz. At the moment, we should expect an attempt to test the resistance level near the area of 1230. Where should we expect a rebound and the continuation of the decline in the price of GOLD with the goal below the level of 1180.
XAU/USD forecast GOLD & analysis November 28, 2018
In favor of falling XAU/USD quotes, a test of the downward resistance line on the relative strength index (RSI) will come out. As well as the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling gold prices will be a strong growth and a breakdown of the 1245 area. This will indicate a breakdown of the resistance area and continued growth to the area above the 1265 level. Expect confirmation of a drop in XAU/USD quotes with the breakdown of the support area and closing below the 1200 level.
XAU/USD forecast GOLD & analysis November 28, 2018 suggests an attempt to test the resistance area near the level of 1230. Further, the continued decline in quotations with a target below the level of 1180. Cancellation of the option of falling GOLD prices will be a strong increase and a breakdown of the level of 1245. This will indicate breakdown resistance. In this case, we should expect continued growth of GOLD above the level of 1265.
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