Quotes of GOLD continue to move within the fall and bearish channel. At the time of publication of the forecast, the GOLD price is 1249 dollars per ounce. At this point, we should expect a test of the resistance level near the area of 1255. Where can we expect a rebound and the continuation of the fall in the price of gold with a target below the level of 1220.
XAU/USD forecast & technical analysis July 12, 2018
In favor of falling quotations XAU/USD will test the resistance area on the indicator of relative strength index (RSI). The cancellation of the decline in GOLD prices will result in a strong growth and breakdown of the 1275 area, which will indicate the breakdown of the upper border of the channel and the continuation of growth to the area above the level of 1305. To wait for confirmation of the fall in quotes XAU/USD stands with the breakdown of the support area and closing below the level of 1235.
XAU/USD forecast & technical analysis July 12, 2018 suggests an attempt to test the resistance area near the level of 1255 and the continuation of the fall in quotations below the level of 1220, the cancellation of the variant of falling prices for GOLD will break through the level of 1275, in which case one should expect the continuation of growth in the area above the level of 1305.
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