GOLD completes the trading week near the 1294 area. The XAU/USD quotes continue to move as part of the correction and the formation of the «Triangle» model. Moving averages indicate an uptrend. 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 15 — 19, 2019
In favor of lowering quotations and prices for Gold in the current trading week April 15 — 19, 2019, a test of the downward trend line on the relative strength index (RSI) will be performed. The second signal will be a rebound from the upper limit of the model «Triangle». The abolition of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the area of 1340. This will indicate a breakdown of the resistance level and continued growth of GOLD prices with a target above the level of 1375. Confirmation of the decline development will be a breakdown of the support level and closure below the 1265. GOLD prices fall and the completion of the formation of the «Triangle» model.
GOLD Price Forecast and Analysis April 15 — 19, 2019 implies an attempt to test the resistance level near the 1310 area. Then, the GOLD prices will continue to fall to the level below 1215. A 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 1340. This will indicate continued growth of quotations in the area above the level of 1375.
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