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 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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