GOLD completes the trading week near the area of 1418. XAU/USD quotes continue to move as part of growth. Moving averages indicate a bullish trend. At the moment, it is worth expecting an attempt to reduce and test the support level near the area of 1370. Further continued growth of the price of GOLD with a potential target above the level of 1495.
GOLD Price Forecast and Analysis July 29 — August 2, 2019
In favor of the rise of quotations and prices for GOLD in the current trading week of July 29 — August 2, 2019, a test of the rising trend line on the relative strength indicator will be made. The second signal will be a rebound from the lower boundary of the bull channel. Cancellation of the growth option of XAU/USD quotes will be the fall and the breakdown of the area of 1315. This will indicate the breakdown of the lower boundary of the channel and the continuation of the fall in GOLD prices with the target below 1265. The resistance area will close the level of 1455 to confirm the growth development.
GOLD Price Forecast and Analysis July 29 — August 2, 2019 implies an attempt to test the support level near the 1370 area. Then, the Gold price will continue to rise with a target above the 1495 level. A test of the trend line on the relative strength indicator will be used to raise the quotes. Cancellation of the growth of gold will fall and the breakdown of the level of 1315. This will indicate a continued decline in quotations in the area below the level of 1265.
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