Quotes of GOLD continue to move in the framework of the decline and formation of the «Triangle» model. At the time of publication of the forecast, the GOLD price is 1244 dollars. 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 13, 2018
In favor of falling quotations XAU/USD will test the resistance area on the indicator of relative strength index (RSI), as well as the formation of the reversal model «Head and Shoulders» in the chart indicator. Canceling the variant of falling prices for GOLD will be a strong growth and breakdown of the area of 1275, which will indicate the breakdown of the upper border of the channel and the continuation of growth in the area above the level of 1305. Expect the acceleration of the fall in quotations XAU/USD stands with the breakdown of the lower limit of the model «Triangle» and closing below the level 1235.
XAU/USD forecast & technical analysis July 13, 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, which will indicate the quotes outflow channel, in this case we should expect the continuation of growth in the area above the level of 1305.
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