GOLD closes the trading week near the area of 1497. XAU/USD quotes continue to move as part of the growth and have already tested the area above the level of 1500 in the current trading week, indicating a general economic instability and an attempt by investors to invest in conservative instruments. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1405. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1575.
GOLD Price Forecast and Analysis August 12 — 16, 2019
In favor of the rise in quotations and Gold prices in the current trading week, August 12 — 16, 2019, 2019, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1345. This will indicate a breakdown of the lower border of the channel and a continued fall in the price of Gold with a target below the level of 1295. A confirmation of the development of growth will be a breakdown of the resistance area and closing above the level of 1535.
GOLD Price Forecast and Analysis August 12 — 16, 2019 suggests an attempt to test the support level near the area of 1405. Then, the continuation of the growth of Gold prices with the target above the level of 1575. A trend line test on the relative strength index (RSI) will favor the rise in quotations. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1345. This will indicate a continued decline in quotations to the area below the level of 1295.
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