Quotes of GOLD continue to move within the limits of growth. At this point, we should expect an attempt to test the resistance area near the level of 1375. Where can we expect a rebound and the continuation of the fall in the price of GOLD for a target below the level of 1300.
XAU/USD forecast & technical analysis April 12, 2018
In favor of falling quotations XAU/USD will test the resistance line on the indicator of relative strength index (RSI). The reversal of the decline in GOLD prices will be a strong growth and breakdown of the area of 1385, which will indicate the breakdown of the upper boundary of the «Wolfe Wave» model and the continuation of the fall below 1300. It is worthwhile to wait for the confirmation of the fall in XAU/USD quotations with the breakdown of the support area and closing below the level 1345.
XAU/USD forecast & technical analysis April 12, 2018 suggests an attempt to test the resistance area near the level of 1340 and the continuation of the drop in quotations below the level of 1300, the cancellation of the decline in GOLD prices will trigger a breakdown at level 1385, in which case it is expected to continue growing in the area above the level of 1410.