Quotes of Gold XAU/USD continue to move within the framework of the bullish correction and at the moment we should expect the growth of quotations in the area above the level of 1270, where we should expect the formation of the right shoulder of the reversal forex pattern «Head and Shoulders» to be completed.
XAU/USD forecast & technical analysis May 23, 2017
In favor of the growth of quotations and prices for gold will perform a tight test of the bullish trend line on the indicator of relative strength index (RSI). Near the 1270 area, one should expect the beginning of the decline in XAU/USD quotations within the head and shoulders reversal model. With the breakdown of the upper border of the rising channel, it is expected to accelerate the growth of quotations and prices for gold.
XAU/USD forecast & technical analysis May 23, 2017 suggests an attempt to rise above the level of 1270 within the test of the upward trend line on the relative strength indicator, cancel the breakdown of the area 1240, which will indicate the continued decline in XAU/USD quotes.
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