GOLD completes the trading week near the area of 1624. XAU/USD quotes continue to move as part of the correction and the formation of the head and shoulders reversal pattern. Moving averages indicate a bullish trend for GOLD. Prices are testing the area between the signal lines, which indicates pressure from buyers and the potential continuation of the upward trend. At the moment, we should expect an attempt to develop a price increase and test the resistance level near the area of 1635. Further, the continuation of the fall in the price of GOLD with a potential target below 1245.
GOLD Price Forecast and Analysis March 30 — April 3, 2020
An additional signal in favor of falling quotes and Gold prices in the current trading week March 30 — April 3, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of falling XAU/USD quotes will be made by strong growth and a breakdown of the area of 1745. This will indicate a breakdown of the resistance level and continued growth of Gold prices with a target above the level of 1795. A confirmation of the fall in the value of the asset will be a breakdown of the support area and closing of quotations below the level of 1405.
GOLD Price Forecast and Analysis March 30 — April 3, 2020 implies an attempt to test the resistance level near the area of 1635. Then, the continuation of the fall in Gold prices with the target below the level of 1245. A test of the trend line on the relative strength index (RSI) will be in favor of falling quotes. Cancellation of the option to reduce GOLD will be a strong growth and the breakdown of the level of 1745. This will indicate a continued rise in quotations to the area above the level of 1795.
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