GOLD close the trading week near the 1293 area. The quotes continue to move in the ascending channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1260. Further continuation of the growth of the price of Gold with a potential target above the level of 1365.
GOLD Forecast and Analysis January 14 — 18, 2019
In favor of the growth of quotations and prices for Gold in the current trading week of January 14 — 18, 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 1235 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 1165. The breakdown of the resistance level and closing above the 1300 area will confirm the growth. This will indicate acceleration Gold price growth.
GOLD Forecast and Analysis January 14 — 18, 2019 suggests an attempt to test the support level near the 1260 area. Then, the Gold price will continue to rise with a target higher than the 1365 level. The support line test on the relative strength index (RSI) will favor the growth. Cancellation of the growth of gold will fall and the breakdown level of 1235. This will indicate a continued decline in quotations in the area below the level of 1165.