GOLD completes the trading week near the area of 1285. The XAU/USD quotes continue to move within the correction and the ascending channel. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to continue the correction and test the support level near the 1270 area. Further, the GOLD price will continue to rise with a potential target above the level of 1365.
GOLD Price Forecast and Analysis May 20 — 24, 2019
In favor of the rise of quotations and prices for GOLD in the current trading week of May 20 — 24, 2019, a test of the broken trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. The decline in the XAU/USD growth option will be canceled by the fall and a breakdown of the 1255 area. This will indicate a breakdown of the lower boundary of the channel and a continuation of the fall in Gold prices with a target below the level of 1215. A confirmation of the growth development will be a breakdown of the upper limit of the downward channel and closing above the 1295 area.
GOLD Price Forecast and Analysis May 20 — 24, 2019 implies an attempt to test the support level near the 1270 area. Then, the Gold price will continue to rise with a target above the level of 1365. The trend line test on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the growth of GOLD will fall and the breakdown level of 1255. This will indicate a continued decline in quotations in the area below the level of 1215.
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