GOLD completes the trading week near the area of 1719. XAU/USD quotes continue to move as part of the growth and the rising channel. Moving averages indicate a bullish trend for GOLD. Prices pushed from 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 reduction and a test of the support level near the area of 1605. Further, the continuation of the growth in the price of GOLD with a potential target above the level of 1945.
GOLD Price Forecast and Analysis May 11 — 15, 2020
An additional signal in favor of the rise in quotations and GOLD prices in the current trading week May 11 — 15, 2020 will be an uptrend 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 1505. 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 1365. 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 1765.
GOLD Price Forecast and Analysis May 11 — 15, 2020 implies an attempt to test the support level near the area of 1605. Then, the continuation of the growth of GOLD prices with the target above the level of 1945. A test of the trend line on the relative strength index (RSI) will be in favor of raising quotes. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1505. This will indicate a continued decline in quotations to the area below the level of 1365.
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