GOLD close the trading week near the 1318 area. The quotes continue to move within the bullish channel. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the 1295 area. Further, the GOLD price will continue to rise with a potential target above the level of 1380.
GOLD Forecast and Analysis February 18 — 22, 2019
In favor of the growth of quotations and prices for GOLD in the current trading week, February 18 — 22, 2019, a test of the bullish trend line on the relative strength index (RSI) will be made. As well as a rebound from the lower boundary of the bullish channel. Cancellation of the growth option of XAU/USD quotes will be the fall and the breakdown of the 1270 area. This will indicate the breakdown of the lower boundary of the channel and the continuation of the fall in GOLD prices with the target below the level of 1215. The breakdown of the resistance level and closure above the 1335 area will confirm the growth development.
GOLD Forecast and Analysis February 18 — 22, 2019 suggests an attempt to test the support level near the 1295 area. Then, the GOLD prices continue to rise with the target above the 1380 level. The support line test on the relative strength indicator will be in favor of the growth. Cancellation of the growth of GOLD will fall and the breakdown of the level of 1270. This will indicate a continued decline in quotations in the area below the level of 1215.
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