GOLD complete the trading week near the area of 1303. Quotes continue to move in the upward channel and form the «Head and Shoulders» reversal pattern. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1315. 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 18 — 22, 2019
In favor of reducing the quotations and prices for GOLD in the current trading week of March 18 — 22, 2019, a test of the rising 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 1280. This will indicate acceleration Gold prices fall and completion of the formation of a reversal pattern.
GOLD Price Forecast and Analysis March 18 — 22, 2019 implies an attempt to test the resistance level near the 1315 area. Then, the GOLD price will continue to fall with a target below the 1215 level. The trend line test on the relative strength indicator will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong growth and the breakdown of the level of 1345. This will indicate continued growth of quotations in the area above the level of 1375.
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