Quotes of GOLD continue to move within the bearish channel. At this point, we should expect an attempt to test the resistance level near the area of 1320. Where can we expect a rebound and the continuation of the fall in the price of gold with a target below the level of 1285.
XAU/USD forecast & technical analysis May 11, 2018
In favor of falling quotations XAU/USD will test the trend line on the indicator of relative strength index (RSI), as well as test the upper boundary of the descending channel. Cancellation of the decline in the price of GOLD will be a strong growth and breakdown of the area of 1330, which will indicate the breakdown of the upper boundary of the bearish channel and the continuation of growth in the area above the level of 1355. To expect confirmation of the fall in quotations XAU/USD stands with the breakdown of the lower limit of the «Triangle» model and closing below level 1300.
XAU/USD forecast & technical analysis May 11, 2018 suggests an attempt to test the resistance area near the level of 1320 and the continuation of the fall in quotations below the level of 1285, the cancellation of the variant of falling prices for gold will break through the level of 1330, in this case it is expected to continue growing in the area above the level of 1365.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
