GOLD completes the trading week near the area of 1275. The XAU/USD quotes continue to move as part of the correction and the beginning of the development of the «Triangle» model. Moving averages indicate an uptrend. At the moment, we should expect an attempt to continue the correction and test the resistance level near the 1300 area. Further, the GOLD price will continue to fall with a potential target below 1195.
GOLD Price Forecast and Analysis April 22 — 26, 2019
In favor of reducing the quotations and prices for GOLD in the current trading week of April 22 — 26, 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 lower boundary of the «Triangle» model. The cancellation of the drop in XAU/USD quotes will be a strong growth and a breakdown of the area of 1315. This will indicate a breakdown of the resistance level and continued growth of GOLD prices with a target above the level of 1365. A confirmation of the decline development will be a breakdown of the support level and closing below the 1260 area.
GOLD Price Forecast and Analysis April 22 — 26, 2019 implies an attempt to test the resistance level near the 1300 area. Then, the Gold prices will continue to fall with a target below 1195. 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 1315. This will indicate continued growth of quotations in the area above the level of 1365.
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