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 1222 Dollars per Troy Oz. At the moment, it is worth expecting an attempt to test the support level near the 1220 area. Where should we expect a rebound and continued growth in the price of GOLD with the goal above the level of 1255.
XAU/USD forecast & GOLD analysis November 9, 2018
In favor of the growth of XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. As well as a rebound from the lower boundary of the rising channel. Cancellation of the option of rising GOLD prices will fall and the breakdown of the area of 1210. This will indicate the breakdown of the channel boundary and the continuation of decline to the area below 1190. Expect confirmation of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1240.
XAU/USD forecast & GOLD analysis November 9, 2018 involves an attempt to test the support area near the level of 1220. Then, continued growth of quotations with a goal above 1255. Cancellation of the option of rising GOLD prices will fall and a breakdown of 1210. This will indicate a breakdown the lower boundary of the channel. In this case, we should expect the continuation of the fall of GOLD below the level of 1190.