GOLD close the trading week near the 1287 area. The quotes continue to move within the ascending channel and form the «Head and Shoulders» reversal pattern. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1310. Further continuation of the fall in the price of GOLD with a potential target below the level of 1215.
GOLD Price Forecast and Analysis April 1 — 5, 2019
In favor of reducing the quotations and prices for GOLD in the current trading week April 1 — 5, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. The abolition of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the 1345 area. This will indicate a breakdown of the resistance level and a continued rise in GOLD prices with a target above the level of 1365. Confirmation of the decline development will be a breakdown of the support level and a close below the 1280. This will indicate acceleration м prices fall and completion of the formation of a reversal pattern.
GOLD Price Forecast and Analysis April 1 — 5, 2019 implies an attempt to test the resistance level near the 1310 area. Then, the GOLD prices will continue to fall with a target below 1215. The test of the trend line 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 1345. This will indicate continued growth of quotations in the area above the level of 1375.