GOLD completes the trading week near the area of 1270. XAU/USD quotes continue to move as part of the correction and the beginning of the development of the «Triangle» model. Moving averages indicate an uptrend. At the moment, we should expect an attempt to continue the correction and test the resistance level near the area of 1285. Further, the GOLD price will continue to fall with a potential target below the level of 1190.
GOLD Price Forecast and Analysis May 6 — 10, 2019
In favor of reducing the quotations and prices for GOLD in the current trading week May 6 — 10, 2019, a test of the downward trend line on the relative strength index (RSI) will be performed. The second signal will be a rebound from the lower boundary of the «Triangle» model. The abolition of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the area of 1315. This will indicate a breakdown of the resistance level and a continued rise in GOLD prices with a target above the level of 1360. A confirmation of the development of the decline will be a breakdown of the support level and closure below the area of 1260.
GOLD Price Forecast and Analysis May 6 — 10, 2019 implies an attempt to test the resistance level near the area of 1285. Then, the GOLD price will continue to fall with a target below 1190. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong growth and a breakdown of the level of 1315. This will indicate continued growth of quotations in the area above the level of 1360.
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