GOLD close the trading week near the 1321 area. The quotes continue to move within the ascending 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 1375.
GOLD Forecast and Analysis February 4 — 8, 2019
In favor of the growth of quotations and prices for GOLD in the current trading week on February February 4 — 8, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. As well as a rebound from the lower boundary of the rising channel. Cancellation of the growth option of XAU/USD quotes will be the fall and the breakdown of the 1265 area. This will indicate the breakdown of the lower boundary of the channel and the continuation of the fall in GOLD prices with a target below the level of 1195. The breakdown of the resistance level and closing above the 1335 area will confirm the growth development. This indicates acceleration GOLD price growth.
GOLD Forecast and Analysis February 4 — 8, 2019 implies an attempt to test the support level near the area of 1295. Then, the GOLD prices continue to rise with a target above the level of 1375. The support line test on the relative strength index (RSI) will be in favor of growth. Cancellation of the growth of GOLD will fall and the breakdown level of 1265. This will indicate a continued decline in quotations in the area below the level of 1195.
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