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 1315. Where can we expect a rebound and the continuation of the fall in the price of gold with a target below the level of 1290.
XAU/USD forecast & technical analysis May 3, 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. Canceling the option of falling prices for GOLD will be a strong growth and breakdown of the area of 1325, 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 support area and closing below the level of 1300.
XAU/USD forecast & technical analysis May 3, 2018 suggests an attempt to test the resistance area near the level of 1315 and the continuation of the fall of quotations to below the level of 1290, the cancellation of the variant of the fall in GOLD prices will break through the level of 1325, in this case, in the area above the level of 1355.
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