GOLD close the trading week near the 1293 area. The quotes continue to move within the ascending channel. Moving averages indicate an uptrend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1310. Further continuation of the fall in the price of GOLD with a potential target below the level of 1215.
GOLD Price Forecast and Analysis March 11 — 15, 2019
In favor of lowering quotations and prices for Gold in the current trading week of March 11 — 15, 2019, a test of a broken trend line on the relative strength index (RSI) will be made. The second signal will be the formation of the «Head and Shoulders» reversal pattern. The abolition of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the 1345 area. This will indicate a breakdown of the resistance level and a continued rise in GOLD prices with a target above the level of 1365. Confirmation of the decline development will be a breakdown of the support level and a close below the 1285 area. This will indicate acceleration GOLD prices fall and completion of the formation of a reversal pattern.
GOLD Price Forecast and Analysis March 11 — 15, 2019 implies an attempt to test the resistance level near the 1310 area. Then, the GOLD prices will continue to fall to the level below 1215. The test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong increase and the breakdown of the level of 1345. This will indicate continued growth of quotations in the area above the level of 1365.
