GOLD completes the trading week near the area of 1281. XAU/USD quotes continue to move as part of the correction and the formation of the «Wedge» model. 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 1255 area. Further, the GOLD price will continue to rise with a potential target above the level of 1360.
GOLD Price Forecast and Analysis May 27 — 31, 2019
In favor of the rise of quotations and prices for GOLD in the current trading week from May 27 — 31, 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 upper boundary of the bearish channel. The cancellation and breakdown of the 1225 area will cancel the growth option of XAU/USD quotes. This will indicate the breakdown of the lower boundary of the channel and the continuation of the fall in Gold prices with the target below 1215. A confirmation of the growth development will be the breakdown of the upper boundary of the Wedge model and the closure above the 1290 region.
GOLD Price Forecast and Analysis May 27 — 31, 2019 implies an attempt to test the support level near the 1255 area. Then, the GOLD price will continue to rise with a target above the level of 1360. A test of the trend line 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 of the level of 1225. This will indicate a continued decline in quotations in the area below 1200.
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