Quotes of gold XAU USD continues to decline within the mining reversal pattern Forex Head and Shoulders. The purpose of working out such a model is the area at the level of 1065. Cancellation option will be a strong growth of quotations and prices for Gold with the breakdown field 1335, but this option we consider unlikely.
At the same time we should not exclude attempt of upward correction to the upper boundary of a descending channel formation of the descending forex 1:1 model, which also indicate a continued decline.
XAU USD forecast gold prices in January 2017
The completion of the test model will be a dense region 1180, where once again we can expect attempts XAU/USD quotes fall. In favor of the continuation of the fall and also acts sample support line on the indicator of relative strength, so in the case of a return to a broken line should not expect a rebound indicator of relative strength.
XAU USD forecast gold prices in January 2017 fall suggests an attempt in January 2017 to below 1065 levels within the mining forex reversal patterns, however, does not exclude the fall through the correction of development in the region in 1180.
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