Quotes of Gold XAU/USD continue to move within the downward correction, but at the moment there is potential for rebound and growth of quotations of the pair in the area above the level of 1240, where we should expect a test of the broken channel border.
XAU/USD Forecast Gold Price on May 12, 2017
In favor of the growth of quotations and prices for gold is the breakdown of the downward trend line on the indicator of relative strength. The cancellation of the development of the growth of gold prices in the region above the level of 1240 will be the fall and breakdown of the local minimum area, which will indicate the continuation of the decline in the pair.
XAU/USD Forecast Gold Price on May 12, 2017 suggests an attempt to test the breached border of the rising channel, from where it is expected to continue the decline to the area below the level of 1195.
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