GOLD completes the trading week near the area of 1651. XAU/USD quotes continue to move as part of the growth and upward channel. Moving averages indicate a bullish trend for Gold. Prices continue to remain above the area between the signal lines, which indicates pressure from buyers and the potential continuation of the development of a bullish trend. At the moment, we should expect an attempt to correct prices and test the support level near the area of 1590. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1795.
GOLD Price Forecast and Analysis March 9 — 13, 2020
An additional signal in favor of the growth of quotations and gold prices in the current trading week March 9 — 13, 2020 will be an uptrend line test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1520. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1425. A confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotations above the level of 1685.
GOLD Price Forecast and Analysis March 9 — 13, 2020 implies an attempt to test the support level near the area of 1590. Then, the continuation of the growth of Gold prices with the target above the level of 1795. A test of the trend line on the relative strength index (RSI) will favor the rise in quotations. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1520. This will indicate a continued decline in quotations to the area below the level of 1425.
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