GOLD completes the trading week near the area of 1296. The XAU/USD quotes continue to move as part of the correction and the beginning of the development of the Wedge model. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to continue the correction and test the support level near the area of 1285. Further, the GOLD price will continue to rise with a potential target above the level of 1365.
GOLD Price Forecast and Analysis June 3 — 7, 2019
In favor of the rise of quotations and prices for GOLD in the current trading week June 3 — 7, 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 1255 area. 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 the level of 1215. The breakdown of the resistance area and closing above the 1305 level will confirm the growth development.
GOLD Price Forecast and Analysis June 3 — 7, 2019 suggests an attempt to test the support level near the 1285 area. Then, the GOLD price will continue to rise with a target above the level of 1365. A test of 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 level of 1255. This will indicate a continued decline in quotations in the area below the level of 1220.
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