GOLD completes the trading week near the area of 1579. XAU/USD quotes continue to move as part of the growth and the rising channel. Moving averages indicate a bullish trend for Gold. Prices continue to remain above the area between the signal lines, indicating pressure from buyers. At the moment, we should expect an attempt to correct prices and test the support level near the area of 1520. Further, the continuation of the growth of the price of Gold with a potential target above the level of 1715.
GOLD Price Forecast and Analysis February 3 — 7, 2020
An additional signal in favor of the growth of quotations and gold prices in the current trading February 3 — 7, 2020 will be an uptrend line test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1455. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1395. A confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotations above the level of 1625.
GOLD Price Forecast and Analysis February 3 — 7, 2020 implies an attempt to test the support level near the area of 1520. Then, the continuation of the growth of Gold prices with the target above the level of 1715. A test of the trend line on the relative strength index (RSI) will favor the rise in quotations. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1455. This will indicate a continued decline in quotations to the area below the level of 1395.
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