Quotes of GOLD continue to move as part of the formation of the «Head and Shoulders» reversal pattern. At the time of publication of the forecast, the GOLD price is 1198 dollars for the Troy Ounce. At this point, we should expect an attempt to test the resistance level near the area of 1205. Where can we expect a rebound and the continuation of the fall in the price of GOLD for a target below the level of 1160.
XAU/USD forecast GOLD & analysis September 7, 2018
In favor of falling quotations XAU/USD will test the resistance area on the indicator of relative strength index (RSI). Canceling the option of falling prices for GOLD will be a strong growth and breakdown of the area of 1215, which will indicate the breakdown of the resistance area and the continued growth in the area above the level of 1235. To expect confirmation of the fall in quotations XAU/USD stands with the breakdown of the support area and closing below the level of 1190.
XAU/USD forecast GOLD & analysis September 7, 2018 suggests an attempt to test the resistance area near the level of 1205 and the continuation of the fall in quotations below the level of 1160, the cancellation of the variant of falling prices for GOLD will be a breakdown at level 1215, which will indicate a breakdown of the resistance level, in this case, we should expect the continuation of GOLD growth above the level of 1235.
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