GOLD closes the trading week near the area of 1502. Quotes XAU/USD 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 1420. Further, the continuation of the growth of the price of GOLD with a potential target above the level of 1625.
GOLD Price Forecast and Analysis August 26 — 30, 2019
In favor of the rise in quotations and GOLD prices in the current trading week from August 26 to 30, 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 1370. This will indicate a breakdown of the lower boundary 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 26 — 30, 2019 suggests an attempt to test the support level near the area of 1420. Then, the continuation of the growth of Gold prices with the target above the level of 1625. In favor of the rise in quotations, the trend line test on the relative strength index (RSI) will come out. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1370. This will indicate a continued decline in quotations to the area below the level of 1305.
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