Quotes of GOLD continue to move within the correction. At this point, we should expect an attempt to test the lower boundary of the bullish channel near the area of 1320. Where can we expect a rebound and the continued growth in the price of gold with a target above the level of 1365.
XAU/USD forecast & technical analysis April 6, 2018
In favor of growth of quotations XAU/USD will perform a test of the support line on the indicator of relative strength index (RSI), as well as the formation of the bullish «Wolfe Wave» model. Canceling the variant of the price increase for Gold will be the fall and breakdown of the area of 1310, which will indicate the breakdown of the support area and the continuation of the fall into the area below the level of 1300. To expect confirmation of the growth of XAU/USD prices is with the breakdown of the resistance area and the closing above the level of 1370.
XAU/USD forecast & technical analysis April 6, 2018 suggests an attempt to test the bottom of the uplink near the 1320 area and continue the growth of quotations above the level of 1365 as part of the of the bullish pattern «5-0».
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