GOLD completes the trading week near the area of 1457. XAU/USD quotes continue to move as part of the correction. Moving averages indicate a bullish trend for GOLD, prices returned to the area between the signal lines, indicating a likely continuation of the rise. At the moment, we should expect an attempt to correct prices and test the resistance level near the area of 1475. Further, the continuation of the fall in the price of GOLD with a potential target below the level of 1345.
GOLD Price Forecast and Analysis December 2 — 6, 2019
An additional signal in favor of falling quotes and GOLD prices in the current trading week December 2 — 6, 2019 will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the bullish channel. Cancellation of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the area of 1535. This will indicate a breakdown of the resistance level and continued growth in Gold prices with a target above the level of 1595. A confirmation of the fall in the value of the asset will be a breakdown of the lower boundary of the ascending channel and closing quotes below 1405.
GOLD Price Forecast and Analysis December 2 — 6, 2019 suggests an attempt to test the resistance level near the area of 1475. Then, the continuation of the fall in Gold prices with a target below the level of 1345. A test of the trend line on the relative strength index (RSI) will be in favor of lowering quotes. Cancellation of the option of falling Gold will be a strong growth and the breakdown of the level of 1535. This will indicate a continued rise in quotations to the area above the level of 1595.
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