Quotes GOLD XAU/USD continue to move within the bullish trend. At the moment, we should expect a correction attempt to the area below the level of 1235, where again we should expect the continuation of the price increase for GOLD with the target at the level of 1265.
XAU/USD Forex Forecast GOLD prices on May 18, 2017
In favor of the drop from the current level is the resistance area test on the indicator of relative strength index (RSI). Near the area of 1265, we should expect the formation of the Forex reversal pattern “Head and Shoulders” and the continuation of the decline of XAU/USD with a potential target below the area of 1150. The cancellation of the growth GOLD will be the breakdown of the local maximum area and the closing of GOLD quotations at the level of 1300.
XAU/USD Forex Forecast GOLD prices on May 18, 2017 suggests an attempt to test the area of 1235 and continue growth to the level of 1265, where again we should expect an attempt to drop quotations and GOLD prices.
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