GOLD completes the trading week near the 1414 area. XAU/USD quotes continue to move as part of strong growth. Moving averages indicate a bullish trend. Moreover, the quotes went far up from the moving averages area, which indicates strong purchases and pressure from buyers. At the moment, we should expect an attempt to fall and a test of the support level near the area of 1360. Further continuation of the rise in the price of GOLD with a potential target above the level of 1495.
GOLD Price Forecast and Analysis July 1 — 5, 2019
In favor of the rise of quotations and prices for GOLD in the current trading week of July 1 — 5, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. The decline in the XAU/USD growth option will be canceled by the fall and the breakdown of the area of 1305. This will indicate a breakdown of the lower boundary of the channel and a continuation of the fall in Gold prices with the target below 1255. The resistance area will close the level of 1435 to confirm the growth development.
GOLD Price Forecast and Analysis July 1 — 5, 2019 implies an attempt to test the support level near the 1360 area. Then, the GOLD price will continue to rise with a target above 1495. The trend line on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the growth of gold will fall and the breakdown of the level of 1305. This will indicate a continued decline in quotations in the area below the level of 1255.
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