Quotes of GOLD continue to move within the framework of lateral movement and formation of the «Triangle» model. At the time of publication of the forecast, the Gold price is 1202 Dollars for the Troy Ounce. At this point, we should expect an attempt to test the level of support near the area of 1195. Where can we expect a rebound and the continued growth in the price of gold with a target above the level of 1230.
XAU/USD forecast GOLD & analysis September 21, 2018
In favor of the growth of XAU/USD quotes, an uptrend test will be performed on the relative strength index (RSI), as well as a rebound from the lower bound of the «Triangle» model. Cancellation of the variant of the GOLD price increase will be the fall and breakdown of the 1185 area, which will indicate the breakdown of the lower boundary of the «Triangle» model and the continuation of the fall into the area below the level 1155. It is worthwhile to wait for confirmation of the growth of XAU/USD quotations with breakdown of the upper limit of the model and closing above the level of 1210.
XAU/USD forecast GOLD & analysis September 21, 2018 suggests an attempt of testing the support area near the level of 1195 and the continuation of the growth of quotations above the level of 1230, the cancellation of the variant of the growth in prices for gold will drop and breakdown at level 1185, which will indicate a breakdown of the level support, in this case, we should expect the continuation of the decline in gold below the level of 1155.
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