GOLD Price Forecast and Analysis December 16 — 20, 2019


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GOLD completes the trading week near the area of ​​1475. XAU/USD quotes continue to move as part of the correction and the formation of the «Wedge» model. Moving averages indicate a bullish trend for GOLD, prices returned to the area between the signal lines, indicating a likely continuation of growth. At the moment, we should expect an attempt to reduce prices and test the support level near the area of ​​1465. Further, the continuation of the growth of the price of Gold with a potential target above the level of 1605.

GOLD Price Forecast and Analysis December 16 — 20, 2019

An additional signal in favor of the growth of quotations and Gold prices in the current trading week December 16 — 20, 2019 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the «Wedge» model. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of ​​1405. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1325. A confirmation of the growth in the value of the asset will be a breakdown of the upper boundary of the «Wedge» model and closing quotes above the level of 1500.

GOLD Price Forecast and Analysis December 16 — 20, 2019

GOLD Price Forecast and Analysis December 16 — 20, 2019 suggests an attempt to test the support level near the area of ​​1465. Then, the continuation of the growth of Gold prices with the target above the level of 1605. A test of the trend line 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 1405. This will indicate a continued decline in quotations to the area below the level of 1325.


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