Quotes of GOLD continue to move within the framework of a bullish correction. At this point, we should expect an attempt to test the resistance level near area 1305. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1265.
XAU/USD forecast & technical analysis May 29, 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 bearish channel. The reversal of the decline in GOLD prices will be a strong growth and breakdown of the area of 1315, which will indicate the breakdown of the upper boundary of the descending 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 support area and closing below the level of 1280.
XAU/USD forecast & technical analysis May 29, 2018 suggests an attempt to test the resistance area near the level of 1305 and the continuation of the fall in quotations below the level of 1265, the cancellation of the fall in the price of GOLD will break through the level of 1315, in which case it is expected to continue growing in the area above the level of 1355.
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