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 1231 Dollars per Troy Oz. At the moment, we should expect an attempt to test the resistance level near the area of 1225. Where should we expect a rebound and continued growth in the price of GOLD with the goal above the level of 1250.
XAU/USD forecast GOLD & analysis November 6, 2018
In favor of the growth of XAU/USD quotes, there will be a test of the trend line on the relative strength index (RSI), as well as a test of the lower boundary of the upward channel on the price chart. Cancellation of the option of rising GOLD prices will fall and the breakdown of the 1220 region, which will indicate a breakdown of the channel boundary and a continued decline to the area below 1200. Expect confirmation of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the 1235 level.
XAU/USD forecast GOLD & analysis November 6, 2018 implies an attempt to test the support area near the level of 1225 and continued growth of quotations with a target above the level of 1250, cancellation of the option of rising prices for GOLD will fall and a breakdown of the level of 1220, which will indicate a breakdown the boundaries of the channel, in this case, we should expect the continuation of the fall of GOLD below the level of 1200.