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 1300. Whence we should expect a rebound and continue the fall in the price of GOLD with a target below the level of 1275.
XAU/USD forecast & technical analysis May 17, 2018
In favor of falling quotations XAU/USD will test the trend line on the indicator of relative strength index (RSI). Cancellation of the decline in the price of GOLD will be a strong growth and breakdown of the area of 1315, which will indicate the breakdown of the upper boundary of the bearish channel and the continuation of growth in the area above the level of 1355. To expect confirmation of the fall in quotations XAU/USD stands with the breakdown of the support area and closing below the level of 1285.
XAU/USD forecast & technical analysis May 17, 2018 suggests an attempt to test the resistance area near the level of 1305 and the continuation of the fall in quotations below the level of 1285, the cancellation of the variant of the fall in GOLD prices will break through the level of 1315, in which case it is necessary to expect further growth in the area above the level of 1355.