GOLD completes the trading week near the area of 1282. 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 1295 area. Further, the GOLD price will continue to fall with a potential target below the 1200 level.
GOLD Price Forecast and Analysis April 29 — May 3, 2019
In favor of reducing the quotations and prices for Gold in the current trading week of April 29 — May 3, 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 abolition of the option of falling 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 a continued rise in GOLD prices with a target above the level of 1360. A confirmation of the development of the decline will be a breakdown of the support level and closing below the area of 1260.
GOLD Price Forecast and Analysis April 29 — May 3, 2019 implies an attempt to test the resistance level near the 1295 area. Then, the Gold price will continue to fall with a target below 1200. 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 a breakdown of the level of 1315. This will indicate continued growth of quotations in the area above the level of 1360.
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