Quotes of XAU/USD Gold continue to move within the limits of the decline and at the moment there is a potential for testing the upper limit of the descending channel and continuing the fall. The goal of lowering quotations and prices for Gold is below the 1200 level.
XAU/USD Forecast Gold prices on May 9, 2017
In favor of the fall of XAU/USD, a downtrend test on the relative strength indicator will perform. The cancellation of the variant of the fall in quotations will cause a strong growth and the breakdown of the area of 1240, which will indicate the continuation of the development of the upward correction for Gold. Expect to accelerate the fall is with the breakdown of the local minimum area.
XAU/USD Forecast Gold prices on May 9, 2017 assumes an attempt to test the upper boundary of the descending channel at the level of 1235 and the continuation of the fall with the potential drop target near the 1200 area, the breakdown will be a breakdown of the upper boundary of the descending channel.
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