GOLD completes the trading week near the 1783 area. The XAU/USD quotes continue to move as part of the growth and the beginning of the “Double Bottom” reversal pattern. Moving averages indicate a bearish trend for Gold. Prices have broken the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the rise. At the moment, we should expect an attempt to develop a price correction and test the support level near the 1715 area. Further, the GOLD price will continue to rise with a potential target above the level of 2095.
GOLD Price Forecast and Weekly Analysis April 26 — 30, 2021
An additional signal in favor of a rise in quotes and prices for GOLD in the current trading week April 26 — 30, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1585. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below the level of 1455. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1855, which will indicate breakdown of the upper border of the downward channel, which will also indicate the completion of the downward correction.
GOLD Price Forecast and Weekly Analysis April 26 — 30, 2021 assumes an attempt to test the support level near the 1715 area. Then, the GOLD prices will continue to rise with a target above the level of 2095. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1585. This will indicate a continued decline in quotations to the area below the level of 1455.
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