GOLD completes the trading week near the area of 1549. XAU/USD quotes continue to move as part of the growth and upward channel. Moving averages indicate a bullish trend for Gold, prices continue to remain above the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to drop prices and test the support level near the area of 1525. Further, the continuation of the growth of the price of GOLD with a potential target above the level of 1695.
GOLD Price Forecast and Analysis January 13 — 17, 2020
An additional signal in favor of the growth of quotations and GOLD prices in the current trading week January 13 — 17, 2020 will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1445. 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 1385. 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 January 13 — 17, 2020 implies an attempt to test the support level near the area of 1525. Then, the continuation of the growth of GOLD prices with the target above the level of 1695. 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 1445. This will indicate a continued decline in quotations to the area below the level of 1385.
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