GOLD close the trading week near the 1276 area. The quotes continue to move within the descending channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1285. Further continuation of the fall in the price of GOLD with a potential target below the level of 1185.
GOLD forecast & analysis December 31 — January 4, 2019
In favor of reducing the quotations and prices for GOLD in the current trading week December 31 — January 4, 2019, a test of the downward trend line on the relative strength index (RSI) will be performed. As well as a rebound from the upper limit of the bearish channel. Cancellation of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the area of 1305. This will indicate a breakdown of the upper boundary of the channel and a continued rise in GOLD prices with a target above the level of 1345. Confirmation of the decline development will be the breakdown of the lower boundary of the rising channel and closing below 1235. will indicate the acceleration of the fall in the price of GOLD.
GOLD forecast & analysis December 31 — January 4, 2019 implies an attempt to test the resistance level near the area of 1285. Then, the GOLD prices will continue to fall with a target below 1185. The formation of a reversal pattern on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong growth and the breakdown of the level of 1305. This will indicate continued growth of quotations in the area above the level of 1345.
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