GOLD completes the trading week near the area of 1505. XAU/USD quotes continue to move as part of the growth and upward channel. 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 1425. Further, the continuation of the growth of the price of GOLD with a potential target above the level of 1635.
GOLD Price Forecast and Analysis August 19 — 23, 2019
In favor of the rise in quotations and GOLD prices in the current trading week on August 19 — 23, 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 1365 area. 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 1305. A confirmation of the development of growth will be a breakdown of the resistance area and closing above the level of 1565.
GOLD Price Forecast and Analysis August 19 — 23, 2019 suggests an attempt to test the support level near the area of 1425. Then, the continuation of the growth of GOLD prices with the target above the level of 1635. A trend line test on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1365. This will indicate a continued decline in quotations to the area below the level of 1305.
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