Quotes of GOLD continue to move within the limits of the decline. At this point, we should expect an attempt to test the resistance level near the area of 1315. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1285.
XAU/USD forecast & technical analysis May 16, 2018
In favor of falling quotations XAU/USD will test the trend 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 1335 area, which will indicate the breakdown of the upper boundary of the bearish channel and the continuation of growth to the level above the level of 1365. To wait for the confirmation of the fall in quotes XAU/USD stands with the breakdown of the support area and closing below the level of 1305.
XAU/USD forecast & technical analysis May 16, 2018 suggests an attempt to test the resistance area near the level of 1315 and the continuation of the fall in quotations below the level of 1285, the cancellation of the fall in the price of GOLD will break through the level of 1335, in which case it is expected to continue growing in the area above the level of 1365.