Quotes of GOLD XAU/USD continue to move within the framework of a bearish correction and the formation of the «Wedge» model. At this point, we should expect a test of the support level near the 1300 area. Where can we expect a rebound and the continued growth in the price of GOLD with a target above the level of 1360.
XAU/USD forecast & technical analysis March 20, 2018
In favor of the growth of quotations XAU/USD will perform a test of the support line on the indicator of relative strength index (RSI). Canceling the variant of the price increase for GOLD will be the fall and breakdown of the 1290 area, which will indicate the breakdown of the support area and the continuation of the fall into the area below the level of 1270. To expect confirmation of the growth of XAU/USD quotes stands with the breakdown of the upper limit of the «Wedge» model and the closing above the level of 1325.
XAU/USD forecast & technical analysis March 20, 2018 assumes an attempt to test the support level near the 1300 area and continue the growth of quotations with a target above the level of 1360, the cancellation of the GOLD price growth scenario will trigger a breakdown at level 1290, in this case, area below level 1270.
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